Latest house prices show an annual rise but a monthly fall

House prices in the UK rose by 4.1% in the year to March, taking the average property value to £215,847.

However, the monthly figure between February and March dropped by 0.6%.

The number of sales has remained stable for the last three months, but in the year to January there was a substantial fall in the number of transactions.

In England, the March data from the Land Registry shows an annual price increase of 4.4%, which takes the average property value to £232,530. Monthly house prices fell by 0.6% compared with February.

Wales showed an annual price increase of 4.3%, taking the average property value to £147,746. Monthly house prices rose by 1.4% in March compared with February.

London showed an annual price increase of 1.5%, which takes the average property value to £471,742. Monthly house prices fell by 1.5% compared with February.

The regional data indicates that:

• East Midlands and the East of England experienced the greatest increase in average property price over the 12 months, each with a movement of 6.7%
• West Midlands experienced the only monthly price growth with an increase of 0.3%
• North East saw the only annual price fall with a movement of -0.4%
• London saw the most significant monthly price fall with a movement of -1.5%.

Sales during January 2017, the most up-to-date HM Land Registry figures available, show that:

• the number of completed house sales in England fell by 16.6% to 50,790 compared with 60,923 in January 2016
• the number of completed house sales in Wales fell by 2.3% to 2,762 compared with 2,828 in January 2016
• the number of completed house sales in London fell by 26.3% to 5,968 compared with 8,093 in January 2016.

Please contact Lucie Stewart or Dipak Odedra if you would like advice about the legal aspects of buying and selling a home.