House price growth on the wane |
29 2008 |
| Annual house price growth declined for the seventh month in succession, the latest Land Registry House Price Index shows. While house prices rose by 3.6 per cent over the 12 months to March, the figure is down from the 5.3 per cent recorded in April. This continued regression may put off first-time buyers and make renting more attractive as mortgage holders will want to be assured of the fact that their main asset will gain in value, rather than fall. Indeed, in some regions house price growth was actually negative. The situation is especially bleak in Wales, which recorded the largest annual house price fall of 1.3 per cent and a monthly fall of 2.2 per cent. Meanwhile, in the Midlands, prices fell 1.1 per cent on an annual basis and by 2.1 per cent on a monthly basis. Across the country, the average house price in March was £184,798.  |
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