Official: UK house prices fell in March
Average house prices in the UK fell by 0.2%, or £500, to £224,000 in March, according to the Office for National Statistics.
This is 4.2% higher, or £9,000 more, than in March 2017.
In England, house prices increased by 4.0% over the year to March 2018, with the average price in England now £241,000. Wales saw house prices increase by 3.5% over the last 12 months to stand at £153,000.
In Scotland, the average price increased by 6.7% over the year to stand at £146,000, while the average price in Northern Ireland currently stands at £130,000, an increase of 4.2% over the year to Quarter 1 (Jan to Mar) 2018.
The East of England experienced the highest annual growth, with prices increasing by 5.8% in the year to March 2018. This was followed by the East Midlands (5.6%).
The lowest annual growth was in London, where prices decreased by 0.7% over the year.
This is the lowest annual growth in the capital since September 2009, when it was negative 3.2%. London has shown a general slowdown in its annual growth rate since mid-2016.
Jonathan Samuels, CEO of the lender, Octane Capital, said: “For annual growth in London to be the lowest since 2009 underlines the extent of the capital’s fall from grace.
“The once untouchable market has become a victim of its own extraordinary success. While prices will never collapse in the capital, because of demand and the sheer lack of supply, it’s now the turn of the regions to play catch-up.
“We’re starting to see a fundamental rebalancing of the housing market, as property investors and homebuyers look for value further afield.”