Fall in average residential property value

The value of the average residential property in Britain fell by 1.7% during the first quarter of 2012, according to property website Zoopla.co.uk.

It now stands at £215,436 (down £3,708 from the end of 2011).

This means that average house prices in Britain are now 2.8% (£6,440) lower than one year ago.

The fall in house prices over the quarter was felt across Britain, however Scotland performed best with average property values falling only 1.4% to £162,777 over the quarter, still up 4.1% over the past 12 months.

In England, average values have dropped 1.7% since the start of the year to £222,849 and are down 3.2% on a year ago, while average house prices in Wales fell by 1.5% over the quarter to 149,629 and remain 3.3% lower than a year ago.

Over the past 12 months, all but six cities in Britain’s have seen property prices fall. Edinburgh has performed best, up 5.2% over the last year whilst Huddersfield has performed worst with average home values down 6.4% over the same period.

Property prices in London have fallen 2.1% over the past year.

Nicholas Leeming of Zoopla.co.uk said: “It has not been the best start to the year in terms of house prices however market activity has begun to show some positive signs of life. For some