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House prices fell by 0.6% in March

House prices fell by 0.6% in March

Category: Mortgages

Updated: 30/04/2010
First Published: 30/04/2010

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The average price paid for property fell slightly during March, although the number of mortgage transactions appears to be trending upwards.

Data from the Land Registry shows that the amount buyers paid for a home in England and Wales fell by 0.6% in March compared to February, with the average property costing £164,288.

However, on an annual basis, the price of property has increased by some 7.5%, a figure that has been supported by values in London, which have soared by 13% since March 2009.

By contrast with the falling average in England and Wales, prices in the capital increased by 1.6% during March, representing the strongest growth seen in any region, alongside the North East.

March was the sixth month in a row that the average amount paid for London property registered growth.

Buyers purchasing a home in London during March could have expected to pay an average price of just over £336,400.

Figures also showed that the number of property sales has increased since last year, with an average of 58,775 transactions between October 2009 and January 2010, compared with an average of 36,264 in the same period a year previously.

All ten regions have seen the average price of property increase over the last 12 months, with rises most pronounced in London and least pronounced in Wales.

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