8 Apr

'Large drop' in March prices

'Large drop' in March prices

House prices in the UK dropped by 2.5 per cent in March, new figures released by Halifax have stated.

But price rises were witnessed in a number of areas, such as east Anglia (1.4 per cent), Greater London (1.6 per cent) and east Midlands (2.2 per cent).

Annual house price growth stood at 1.1 per cent, the organisation added, with the average price of a property now hitting £191,556.

Chief economist at the bank Martin Ellis said that despite the overall outlook, any drop in prices should be placed against increases that have taken place over the course of the last ten years.

"The average UK price has risen by £120,860 during the past decade from £70,696 to £191,556; an increase of 171 per cent. Sound economic fundamentals are supporting house prices," he commented.

Technical manager at Charcol Katie Tucker has this week said that the mortgage market needs a rate cut this week to rejuvenate it.ADNFCR-1222-ID-18542359-ADNFCR

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