House prices fell for the second consecutive month in March, according to official figures. The Times
The Land Registry data, which show that the average cost of a home in England and Wales dropped by 0.4% in March to stand at £184,798, will add to growing fears that the UK is about to suffer a significant slump in the housing market.
Six regions of England and Wales saw price falls during March, with Wales seeing the steepest drop of 2.2%, followed by the East Midlands at 2.1% and the South East at 1.6%. Homes in Wales now cost an average of 1.3% less than they did 12 months earlier, while the value of property in the East Midlands is now 0.7% lower.
At the other end of the scale, prices jumped by 2.4% in the North East in March, with gains of 0.8% in the North West, and 0.6% in London.
The Land Registry also revealed that housing market transactions averaged 81,926 a month between October 2007 and January 2008, which was down 25.5% year-on-year. Sales volumes were also weakening more markedly at the end of this period, down 39.2% year-on-year.
