Average house prices fall in all but one English region

Average property prices fell in all but one English region during March, according to the latest official UK House Price Index.

Overall, the national average price fell by 0.2% between February and March - meaning the typical UK home is valued at £224,144.

National annual growth remains steady at 4.2%, the index shows.

However, on an annual basis London continues to perform poorly, recording growth of -0.7%. Scotland (6.7%) and the East of England (5.8%) are the top performers when it comes to annual growth.

Regionally, the East of England was the only area in the country to record a monthly price rise (1%), while the most significant monthly drop was recorded in the North East (-1.5%).

The highest regional average price remains in the capital at £471,944, while the lowest is also in the North East at £124,381.

In Wales, the average property price was £152,999 in March, representing -0.1% monthly growth and an annual price rise of 3.5%.

Between March 2017 and the same month this year, the average cost of a Detached house has increased by 5.1% (£367,859), while semi-detached (£223,241) and terraced homes (£194,099) both recorded year-on-year growth of 4.5%.

Flats and maisonettes now average at £223,619 - 1.1% higher than in March last year.

The most up-to-date HM Land Registry data available shows that the number of sales in England fell by 12% in January (50,583) when compared with the same month last year (57,498).

“Much like the marginal monthly decline in price growth, there’s nothing to see here where the health of the overall market is concerned," says Russell Quirk, founder and chief executive of Emoov.

"While other industry sources are reporting a much more erratic market landscape on the surface, beneath it all the steadier hand of actual sales completions is showing a fairly static and subdued outlook."

Kevin Roberts, director of Legal & General Mortgage Club, adds: “Whilst some may talk of a slowdown, the softening in house price growth should be welcomed by all."

"Not only will this make it that little bit easier for potential buyers to make their first move, but the wide range of products available on the market means there is more choice and flexibility than ever before."