UK Property Market Down In First Quarter Of 2017: Report

Since the beginning of 2017 the average home has lost about 1,000 pounds in value in United Kingdom, reports property website Zoopla.

It is further said the prices dipped by 0.4 percent in the first quarter of this year, which is about a sharp down of 11.15 pounds a day for the average property.

The company continued its data showed varied patterns in different parts of Britain and south-west England saw the most falling. The drop was by 0.6 percent.

However, the trend in Wales rose by 0.4 percent.

The website writes value was up by 1.4 percent last year, but it is also true the market picks up in the spring. This mean the turned could be reversed later in 2017.

Other property experts too have lately indicated slowdown of value in recent months. In March the house prices were down for the first time in about two years.

The Nationwide survey found the average price dipped down to 207,308 pounds last month after a rise of 0.6 percent in February.

Also, in the month of February the mortgage approvals of Bank of England fell for the first time in past six months.

Zoopla’s Lawrence Hall commented, “The softening in values and continued low mortgage rates are positive news for first-time buyers trying to get on to the property ladder.”

The survey found resilience of the Walsh property market which otherwise had earlier lagged behind both England and Scotland.

The property value of Scotland in the first quarter dipped less than 0.1 percent. However, prices were up in all the three places compared to same period last year.

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