House prices edged up by 0.1 per cent in March, according to the latest house price index from Halifax.
On an annual basis, prices fell by 2.9 per cent taking the average house to £162,912 compared to £168,435 a year ago. Prices fell 0.6 per cent in the three months to March.
Approvals for house purchases remained largely unchanged from February – 47,000 – but were 60 per cent down on the 116,700 in February 2007.
Halifax housing economist Martin Ellis says: “Our forecast remains for a 2 per cent decrease in house prices in 2011 as a whole. Uncertainty over the general economic outlook and individual financial circumstances are likely to constrain housing demand, resulting in some modest downward pressure on prices.”