UK Money News
29th April 2008
House prices 'declined 0.4% last month'
UK house prices declined for a second consecutive month during March, official figures have shown.
According to data from the Land Registry, the price of a UK property fell by 0.4 per cent during the month, bringing the average value of a home down to £184,798.
The drop meant that the annual rate of house price inflation moderated from 5.3 per cent in February to 3.6 per cent.
Howard Archer, chief UK economist at Global Insight, said: "We now expect house prices to fall by seven per cent in 2008 and nine per cent in 2009.
"Furthermore, the longer the credit crunch goes on and the deeper and longer the UK economic slowdown is, the greater the danger will be that an even sharper housing market correction will occur."
Price drops were noted in six regions of the UK during the period, with Wales hit hardest and experiencing a fall of 2.2 per cent.
House prices in the East Midlands and the South East, meanwhile, fell by 2.1 per cent and 1.6 per cent respectively.
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