House prices down 0.6% in March

House prices fell 0.6% in March, compared to February, taking the average house price in England and Wales to £160,372, according to the latest figures from the Land Registry.

The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 0.7%.

The North East experienced the greatest monthly rise with a movement of 5.6%, while Wales experienced the greatest annual price fall with a decrease of 5.5% and the most significant monthly price fall with a decrease of 4.1%.

Russell Quirk, founder of online online estate agent, eMoov.co.uk, says: “There’s neither rhyme nor reason to house prices right now. With transaction levels so low, prices can swing dramatically from one month to the next. And that’s what’s happening month after month.

“The economic climate will ensure that prices move sideways at best during 2012. 

“A property is ultimately worth what someone will pay for it, not what the house price indices say it is worth.”