Pause in London property prices

Official figures from the Land Registry Office reveal that for the first time in many months London property prices slipped backwards during March.

On a national level UK property prices dropped by 0.6 per cent during March giving a national average price of £160,370. Data shows that residential property prices are reacting to local pressures.

While London property prices fell by 1.8 per cent they remain more than 0.6 per cent higher than a year ago, the cost of the average property in Wales fell by more than 4 per cent during March and are now more than 5 per cent lower than the same time twelve months ago.

At the other end of the country house prices in the north east climbed by more than 5.5 per cent during March giving an average price of £101,670.

Many experts believe the nervous buzz around the budget may have affected property prices and sales during March and expect London property prices to recover in the not too distant future.