House price falls slow down

by Christopher Evans

Two new surveys have suggested that the rate of house price decline is losing momentum.

Figures from the Land Registry for March showed that the monthly drop in prices in England and Wales was 0.4 per cent, compared with two per cent in February.

The month also saw four regions - the north-east, the south-west, Wales and London -enjoying price rises, whereas no region saw housing costs increase in February.

Nationwide's monthly survey for April recorded a drop of 0.4 per cent, in contrast to the 0.9 per cent rise it announced in March.

However, the lender stated that the three-monthly fall in prices had dipped from 4.1 per cent to 3.1 per cent.

Such a situation may indicate that the bottom of the market is close, prompting some to invest in the property market.

Lucian Cook, director of residential research at property firm Savills, said this week that the company believes prices are "within five per cent" of their lowest level.

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Published on: May 1, 2009

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