House prices continue to fall

Posted: 01 May 2009 10:37:48 GMT

Property prices became more favourable for first-time buyers during March, according to the latest Land Registry figures.

The statistics showed that the average price of a home in England and Wales fell to £152,895, meaning property values dropped by 16.2 per cent in the 12 months to the end of March.

With property prices now at August 2004's levels, it may now be a good time for prospective first-time buyers to make their move, providing they can obtain mortgage finance.

The Land Registry noted that the 0.4 per cent fall in house prices during March represented a slowing in the rate of decline in property values.

This may indicate that the bottom of the market is close - a view recently expressed by Lucian Cook, the director of residential research for property consultancy Savills.

He suggested: "We are now within five per cent of the bottom of the market, albeit prices are likely to bump along the bottom for a year or two."

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