Land Registry: house prices fell 0.4% in March

[london-property]

House prices fell for the second consecutive month in March, according to official figures released today.

The Land Registry figures, which show that the average cost of a home in England and Wales dropped by 0.4 per cent 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 per cent, followed by the East Midlands at 2.1 per cent and the South East at 1.6 per cent. Homes in Wales now cost an average of 1.3 per cent less than they did 12 months earlier, while the value of property in the East Midlands is now 0.7 per cent lower.

At the other end of the scale, prices jumped by 2.4 per cent in the North East in March, with gains of 0.8 per cent in the North West, and 0.6 per cent in London Property.

[kaled00pro]

According to this article (link Below) UK property prices dropped by nearly 10% in 2008.

Will we be seeing same drops in 2009?

I think it may steady a little, say a 5% decrease.

What do you guys think?

http://www.zoopla.co.uk/press/releases/020/british-home-values-down-over-half-a-trillion-pounds-in-08/

Zoopla is a UK House Price guide

[Property Cashpoint]

I think we will see a drop of between 5-10%

[clarenash]

I realise that this is an older post but I think that it is interesting to keep revisiting this subject throughout the year to see if the property prices predictions stay the same.  I think property prices are starting to look more positive and we should start to see some more positive indication from the Land Registry over the coming months.  My only concern that has an impact on property prices is the latest released numbers on unemployment.  Property prices cannot rise if people aren't earning the money but it is a really good time to buy property.

[frank_tt]

after seeing the pre budget highlights earlier, i think there is still a little bit more down to go before we start on the up swing again