UK House Prices Situation: Prices falling nationally

UK House Prices Forecast: At least 10% fall by end 2009

Completed Sale Prices Down In March

House prices based on completed sales fell by 0.4% in March 2008, according to the latest figures from the Land Registry.

Its latest house price index shows that the fall in completed sale prices in March brought the annual rate of house price inflation for the year to March down to 3.6%. This is the seventh consecutive month in which the rate of growth has fallen.

Although this is higher than the latest figures from the Halifax and Nationwide, the Land Registry's index is based on completed sales, not agreed sales, and therefore lags behind most other indices.

However, the Land Registry's house price index is considered to be extremely accurate, as it includes both mortgaged and non-mortgaged sales, and where possible compares the most recent sale prices for properties to their previous sale prices, providing an accurate measure of how much they have fallen.

The Land Registry's regional figures for March 2008 show that there is considerable variation in price movements around the UK (annual figures in brackets):

· North East: 2.4% (3.3%)
· North West: 0.8% (2.9%)
· London: 0.6% (10.5%)
· South West: 0.1% (3.1%)
· East: -0.6% (4.0%)
· West Midlands: -0.8% (1.9%)
· Yorkshire & The Humber: -1.1% (1.5%)
· South East: -1.6% (4.4%)
· East Midlands: -2.1% (-0.7%)
· Wales: -2.2% (-1.3%)

Lloyds TSB Forecasts 10% Fall by End 2009

Lloyds TSB are the latest mortgage lender to admit that they expect to see considerable falls in house prices over the next two years. The banking giant's acting finance director, Tim Tookey, said recently that "We think there’s likely to be a 10 per cent reduction in prices over 2008 and 2009."

Read our take on the Credit Crisis the effect on UK House Prices and Mortgages. A Special Report

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