House prices in the UK fell an average of three percent between March and April this year. This is a continuing decline of property prices which has recently been revealed by Land Registry.
Information released by the organisation showed that the average price of a property in the country is now around £160,000. Not all areas have seen decline however and the average cost of a property has increased by around five percent in London, now costing around £360,000.
The index revealed in February this year that the number of house sales increased by around 10 percent, to 43,000, an increase of around 39,000 from February of the previous year. However, more expensive properties saw decrease in the number of sales, with properties valued at over £1 million decreasing their sales numbers by around three percent.
Some parts of the country saw significant average price drops of property including Yorkshire and Humber where the average price of a property has fallen to below £116,000. One of the most significant falls in house prices was seen in the West Midlands, where in a single month the price of property fell by nearly 3 percent. The average cost of a home in the region is now around £125,000.
The commercial director from LSL Property Services is David Brown and he has commented, “Buyers are met with many troubles as the stamp duty relief has been lifted so buying a home is more expensive.
“Furthermore young people especially are struggling to find the deposit necessary to afford a mortgage. This will mean that many people remain in the rental sector for the time being.” Peter Hunt, from a savings management system company stated, “The Eurozone crisis is causing lenders to be very cautious which is encouraging a pressure on prices to go downward.”