House prices ‘drop 1.9% in March’

According to Halifax, UK house prices have fallen 1.9% in March compared with the previous months. In the opinion of a lender, now part of Lloyds Banking Group, the current conditions in the housing market would be tough in the remaining months of year 2009. The average UK home now costs £157,226, at least £30,000 less than the previous year. Although there has been a slight rise in house prices in March as reported by the Nationwide, Halifax says the homebuyer confidence was still low.

The annual rate ( which is based on a three-month by three-month comparison) of decline was up slightly with house prices being down by 17.5% in March, compared with a record drop of 17.7% in February. When comparing the average house price from March 2009, compared with March 2008, the drop was 17.6%.  House prices ‘drop 1.9%

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