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House price fall slows

House price fall slows

Category: Mortgages

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

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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.

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