The average house price across England has fallen for the first year since 2012. This is due to a decline in home prices in London and the south east. Home prices rose in many other regions of the country. This result is not a total surprise. After a long run of increasing home prices, the hosing market was stretched. This is particularly true in the capital city. It is likely that the housing market will continue to pull back in London.
Key Takeaways:
- An index has shown that prices have tumbled throughout England and this is their first annual fall since the year 2012.
- While the growth of house prices have remained subdued in march there was a slight upward trend in property values for the same month.
- There has been steep climb in prices in other parts of the country and the decline has been shown to be attributed to London and the South East.
“Nationwide chief economist Robert Gardner said: “London was the weakest-performing region in quarter one, with prices 3.8 per cent lower than the same period of 2018 – the fastest pace of decline since 2009 and the seventh consecutive quarter in which prices have declined in the capital.”