Office for National Statistics’ March data shows, on average, house prices have fallen by 0.2% since February 2018.
There has been an annual price rise of 4.2%, which makes the average property in the UK valued at £224,144.
In England, the March data shows on average, house prices have fallen by 0.3% since February 2018 The annual price rise of 4% takes the average property value to £240,949.
London shows, on average, house prices have fallen by 0.9% since February 2018. An annual price fall of 0.7% takes the average property value to £471,944.
The regional data for England indicates that the East of England experienced the greatest monthly price rise, up by 1%; the North East saw the most significant monthly price fall, down by 1.5% and London saw the lowest annual price increase, down by 0.7%.
Kevin Roberts, director of Legal & General Mortgage Club, said: “Whilst some may talk of a slowdown, the softening in house price growth should be welcomed by all. Not only will this make it that little bit easier for potential buyers to make their first move, but the wide range of products available on the market means there is more choice and flexibility than ever before.
“For anyone unsure of where to begin, speaking to a mortgage broker is a good place to start. Brokers can offer insights into the workings of the mortgage market and the various routes available towards homeownership, such as Help to Buy or Shared Ownership. Or, for those already on the ladder, switching to a product that could be better suited to a borrower’s needs, saving hundreds of pounds in the process.”
Meanwhile, the lowest number of repossession sales in December 2017 was in the East of England. The highest number of repossession sales in December 2017 was in the North West.
The most up-to-date HM Land Registry sales figures available for England show the number of completed house sales in January 2018 fell by 12% to 50,583 compared with 57,498 in January 2017.