House prices fall further in March
News Category: Industry News
Published: 08-Apr-2008
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Last month saw UK house prices continue to fall, reflecting the continuing slowdown in the property market.
That is according to the latest Halifax House Price Index, which revealed that the value of a typical property in the UK decreased by 2.5 per cent in March.
The average house price now stands at £191,556.
In terms of region, the West Midlands and Wales experienced the greatest falls, while prices in Greater London and East Anglia rose.
Commenting on the data, David Kuo, head of personal finance at Fool.co.uk, commented: "The abrupt monthly fall of 2.5 per cent underlines Fool.co.uk's position that the long overdue correction in house prices could see the value of the average home drop by as much as 20 per cent this year.
He went on to warn mortgage payers to "brace themselves for further falls", advising: "In a falling property market, it is important to reduce the loan quickly by overpaying your mortgage."
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