The value of the average residential property in Britain fell by 1.7 per cent during the first quarter of 2012 and now stands at £215,436 (down £3,708 from the end of 2011), according to property website Zoopla.co.uk. The latest drop means that average house prices in Britain are now 2.8 per cent (£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 per cent to £162,777 over the quarter, still up 4.1 per cent over the past 12 months. In England, average values have dropped 1.7 per cent since the start of the year to £222,849 and are down 3.2 per cent on a year ago, while average house prices in Wales fell by 1.5 per cent over the quarter to 149,629 and remain 3.3 per cent 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 per cent over the last year whilst Huddersfield has performed worst with average home values down 6.4 per cent over the same period. Even London has not been immune to the recent drops with property prices in the capital having fallen 2.1 per cent 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.”
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