Property values fall 1.7% in Q1 2012

The value of the average residential property in Britain fell by 1.7% during Q1 of 2012 and now stands at £215,436, down £3,708 from the end of 2011, according to property website Zoopla.co.uk.

The latest drop means that average house prices in Britain are now 2.8%, £6,440, lower than one year ago.

The fall in house prices over the quarter was felt across Britain, however Scotland performed best with average property values falling only 1.4% to £162,777 over the quarter, still up 4.1% over the past 12 months.

In England, average values have dropped 1.7% since the start of the year to £222,849 and are down 3.2% on a year ago, while average house prices in Wales fell by 1.5% over the quarter to 149,629 and remain 3.3% lower than a year ago.

Over the past 12 months, all but six cities in Britain’s have seen property prices fall. Edinburgh has performed best, up 5.2% over the last year whilst Huddersfield has performed worst with average home values down 6.4% over the same period. Even London has not been immune to the recent drops with property prices in the capital having fallen 2.1% over the past year.