UK Money News
31st March 2008
House prices fell 0.2% in March
UK property prices dropped by 0.2 per cent during March, according a new housing market survey conducted by Hometrack.
The decline during month brought the annual house price growth down to 0.4 per cent.
This is the lowest level recorded by Hometrack since March 2006.
The month did, however, also bring a rise in the number of sales agreed, which increased by eight per cent, following a rise of 20 per cent during the previous month.
Richard Donnell, director of research for Hometrack, said: "Some bounce-back in market activity was inevitable after what has been a prolonged period of weak market activity.
"However the growth in demand over the last two months is only a third of the level seen in previous years so the spring market is likely to be a non event this year - continued uncertainty in the financial markets, affordability pressures and weak buyer confidence are all likely to suppress levels of market activity in the months ahead with pricing levels remaining under pressure."
The average time it took to sell a property remained at 8.5 weeks.
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