DCLG: House prices rise 1.2% in March
Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices rose by 1.2% in March compared with February.
On an annual basis, house prices are 0.9% higher, taking the average UK house price to £205,565.
The data from the DCLG is based on mortgage completions figures collected by the Council of Mortgage Lenders (CML).
Despite the positive figures from the DCLG, many experts are forecasting a modest drop of 2% in house prices for the 2011 year, particularly in light of the Government’s spending cuts and the ongoing lack of mortgage availability.
Meanwhile, on a regional basis, house prices in London have risen by 5.6% in the past year, outperforming other areas of the UK.
Furthermore, prices have grown in the past year in the south-east and east of England, as well as the East Midlands but they have declined elsewhere – particularly in Northern Ireland – where prices are almost 14% lower than a year ago.