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.
Nicholas Leeming of Zoopla.co.uk commented:
“It has not been the best start to the year in terms of house prices however market activity has begun to show some positive signs of life. For some, the drop in prices is an incentive to act, as more properties become affordable.”
Average property values in Britain by region:
- Scotland
April 2012: £160,479
April 2011: £154,210
% change: 4.1%
- East Midlands
April 2012: £156, 563
April 2011: £158, 367
% change: -1.2%
- East of England:
April 2012: £229, 735
April 2011: £232, 890
% change: -1.4%
- London
April 2012: £407, 782
April 2011: £416, 559
% change: -2.1%
- South West England
April 2012: £221, 052
April 2011: £225, 951
% change: -2.2%
- North East England
April 2012: £153, 700
April 2011: £157, 611
% change: -2.4%
- West Midlands
April 2012: £167, 232
April 2011: £172, 705
% change: -3.2%
- Wales
April 2012: £149, 629
April 2011: £154, 731
% change: -3.3%
- South East England
April 2012: £274, 760
April 2011: £287, 257
% change: -4.4%
- North West England
April 2012: £150, 599
April 2011: £159,129
% change: -5.4%
- Yorkshire & The Humber
April 2012: £138, 569
April 2011: £146, 725
% change: -5.6%
