House prices drop 2.5 per cent
House prices fell by 2.5 per cent in March, the biggest fall in a single month since September 1992.
The fall was reported by Halifax, the largest mortgage-lender in Britain, and it was more than six times greater than had been predicted by analysts.
Halifax's chief economist Martin Ellis said: "We expect there to be a modest fall in UK house prices this year.
"Any declines, however, should be viewed in the context of the significant price rises over recent years.
"The average UK price has risen by £120,860 during the past decade from £70,696 to £191,556, an increase of 171 per cent."
House prices are currently 1.1 per cent higher than they were a year ago, the slowest rate of annual growth for 12 years.
© Independent Television News Limited 2008. All rights reserved.
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