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House prices down in most UK regions

Tuesday, 29 March 2011 10:56 AM

House prices in most UK regions suffered year-on-year falls in March, new figures show.

According to the latest housing market statistics from the Land Registry, the average cost of a home in England and Wales stood at £162,215 at the end of last month. This represents a 1.7 per cent drop on the figure recorded in February 2010 and follows on from the 0.8 per cent drop seen since January of this year.

Owners of terraced homes suffered the most over the past 12 months, with their properties falling in value by 2.7 per cent, while the property market in the north-west of England endured the most-marked reversal in fortunes, with prices there down by 7.1 per cent over the past year alone.

However, property values in London and the east of England bucked the national trend by rising over the course of February. Prices in the capital increased by an average of 3.2 per cent, while a one per cent year-on-year rise was seen in the east of England.

Commenting on the figures, Howard Archer, chief economist at HIS Global Insight noted that they add further weight to the idea that house prices across the UK will continue to fall over the remainder of 2011 as low consumer confidence and rising unemployment continue to impact upon the market.

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