UK house prices in March 2012 were 0.4% lower than a year earlier, according to the Office for National Statistics’ (ONS) House Price Index.
The ONS House Price Index (HPI) was previously published by the Department for Communities and Local Government (DCLG).
However, house prices continue to lack any real movement with the current UK average price little changed from where it was at the beginning of 2011. This is with the exception of Northern Ireland, which has experienced strong falls in house prices since 2008.
Seasonally adjusted UK house prices decreased by 0.6% over the month.
In the 12 months to March 2012, average house prices decreased by 0.3% in both England and Scotland and 10.7% in Northern Ireland. These decreases were offset by an increase of 0.4% in Wales.
The annual decrease in England was driven by decreases in London, which fell by 0.2%, the South East, which fell by 1.4%, and the North East, which fell by 0.9%. This was the first year on year decrease in London since October 2009. The largest annual increase in regional average house prices was 2.2% in the South West of England.
In March 2012, prices paid by first time buyers were 2.8% higher on average than in March 2011. For owner occupiers (existing owners) the prices decreased by 1.6% in the same period.