House prices show slight annual rise despite monthly fall

House prices rose slightly over the year to March, but there was a fall in the latest monthly figures.

The UK House Price Index shows that prices fell by an average of 0.2% between February and March. However, there was an annual rise of 1.4%.

The average house in the UK is now valued at £226,798.

In England, the March data shows a fall of 0.5% compared with February. The annual price rise of 1.1% took the average property value to £243,128.

The regional data for England shows that:

• Yorkshire and The Humber experienced the greatest monthly price rise, up by 1.8%
• the North West saw the most significant monthly price fall, down by 1.7%
• Yorkshire and The Humber experienced the greatest annual price rise, up by 3.6%
• London saw the largest annual price fall, down by 1.9%.

Average house prices in London fell 0.4% in February. An annual price fall of 1.9% took the average property value to £463,283.

In Wales, there was no monthly variation from February to March. The annual rise of 3.0% took the average property value to £158,696.

Please contact Gary Baber or Gurjit Dhadar if you would like legal advice about buying or selling a house.