According to data released by Zoopla, the property website, the average UK property value has fallen by around £1,000 since the start of 2017.
Zoopla stated that the data revealed that prices had fallen by 0.4% between the beginning of January and the end of March, which equates to a reduction of £11.15 each day for an average UK property.
It also noted that the sharpest fall in value was in the south west of England, where property values fell by 0.6%. However, property in Wales rose by 0.4%. Zoopla confirmed that house prices had risen by 1.4% in comparison with a year earlier. Although house prices had fallen slightly at the start of the year, they would probably rise again in the spring, when the housing market typically picks up.
However, there have been other indications of a property market slowdown, as Nationwide reported a fall in house prices during March, the first drop in nearly two years. Data from the Bank of England showed that the number of mortgage approvals had decreased for the first time in six months, during February.
According to Lawrence Hall from Zoopla, the possible reduction in property values and the number of low interest rate deals available was good news for first time buyers, who are struggling to get onto the property ladder.
Mortgage advisers study on CeMAP training courses, so that they have the relevant information for all potential home buyers. They can help first time buyers to select the most suitable product for their requirements.
