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House prices fall for seventh consecutive month

Annual house price changes in England and Wales decreased by a further 1.7 per cent in March, according to the Land Registry.

The annual house price change fell from 5.3 per cent in February to 3.6 per cent in March, taking the average price to £184,798.

This is the seventh consecutive decrease in the annual rate of growth.

The monthly change for March, accounting for seasonal adjustments, is -0.4 per cent.

The volume of transactions was also down 26 per cent from the same period last year, with an average of 81,926 per month between October 2007 to January 2008, compared with 109,969 per month from October 2006 to January 2007.

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