House price fall slows - Mortgages - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

House price fall slows

House price fall slows

Category: Mortgages

Updated: 30/04/2009
First Published: 30/04/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The rate of decline in house prices looks to be on the wane, as latest figures from the Land Registry show a decrease of 0.4 per cent in March.

It shows an improvement on price performance in February when there was a two per cent fall. The average house price in the UK is now £152,895.

Prices in London showed a slight increase of 0.6 per cent - the first monthly rise in the capital since March last year. The average property value in the city is now £299,613.

Homeowners in the North East have also been given reason to cheer with the news that the value of homes in the region went up by an average of 1.8 per cent last month.

Meanwhile, the Nationwide's monthly house price index has revealed house prices took a further hit in April, declining by 0.4 per cent.

Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors, said that while house prices may drop further, the sales to stock ratio has begun to climb, indicating the prices may begin to stabilise later in the year.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.

10-year fixed mortgage market flourishes

Given upcoming negotiations on the UK’s relationship with the EU, we are expected to have some uncertain times ahead. As a result, many borrowers will be seeking long-term mortgage repayment security, and happily, the 10-year market is flourishing.