House prices rose in March 2011 on average in the UK by 1.2% which shows a slight increase in the turbulent and unstable property market.
However the quarterly change has decreased by 0.5%, an overall 0.1% decrease from December to March 2011. The yearly rise in March 2011 compared to March 2010 showed an overall increase of 0.9% in house prices. The average price for first time buyers was down by 0.3% in March 2011 compared to March 2010.
There has been further pressure on the stability of the property market with the overall number of approvals for mortgages increasing which is a sign that buyers have been returning to the market. However the numbers of approvals remain significantly lower due to mortgage lenders not lending as freely, the lack of confidence in the housing market and economic climate and the higher amount of deposits that are required for a property purchase.
The market volatility has been further compounded with sharp regional divides in prices across the UK. London showed a strong increase in values of 5.6% year on year, followed by the East of England including new homes in Cambridgeshire, new developments in Suffolk and new homes in Norfolk with an increase of 2.9%. The South-East including new homes in Kent and new homes in Essex showed the lowest increase at 2.5%.
Property values in the East Midlands have performed well in the current climate including new houses for sale in Lincolnshire, whereas in the West Midlands, including new homes in Birmingham, has seen property values decline by 2.8%.
Notes to Editors:
What House? is a property website that features thousands of new homes in Birmingham as well as the rest of the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 30 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 23 categories.
