Property Prices Drop For First Time Since 2012

House prices in Britain are dropping for the first time since 2012 - news that will provide a small glimmer of hope to beleaguered first-time buyers.

New data reveals a drop in prices of 0.2 per cent in the three months to April, the first quarterly decline in four-and-a-half-years.

The data from Halifax shows that prices have fallen by 0.1 per cent in the past month alone; although overall there has been an annual increase in house prices of 3.8 per cent.

The bank said the average property price in Britain is now £219,649.

Martin Ellis, housing economist at Halifax, said that demand for housing appears to have been "curbed" in recent months due to deterioration in housing affordability during 2014-16. He continued:

"Signs of a decline in the pace of job creation, and the beginnings of a squeeze on households' finances as a result of increasing inflation, may also be constraining the demand for homes.

"A continued low mortgage rate environment, combined with an ongoing acute shortage of properties for sale, should nonetheless help continue to underpin house prices over the coming months."

If you are buying or selling residential property, call our Altrincham team for a free, no obligation conveyancing quote. Speak to us today on 0161 928 5558.

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