UK house prices fell last month, reflecting the continuing slowdown in the property market.
That is according to the Royal Institution of Chartered Surveyors' (Rics) UK housing market survey, published yesterday (Tuesday, April 15th), which revealed an increase in the number of chartered surveyors reporting house prices falls in March.
Regionally, the East Midlands was hit the hardest, with a fall rather than a rise in house prices being reported by 89 percent more chartered surveyors.
Jeremy Leaf, Rics spokesman, commented: "Sentiment is at a very low ebb and will continue to remain depressed while the economy suffers from this unique liquidity blight."
He went on to say that the lack of available finance was behind the current slowdown in house prices, as demand for property had declined.
Mr Leaf added, however, that potential buyers with larger deposits may seize the opportunity to purchase property in areas that may have previously seemed out of reach for them.
The value of a typical UK property decreased by 2.5 per cent in March, according to the latest Halifax House Price Index.
