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House prices dropped at start of 2011, survey shows
UK house prices dropped slightly in the first three months of 2011, the Communities and Local Government department (DCLG) has confirmed.
According to a survey by the DCLG, prices over the first three months of the year were 0.5 per cent down on the previous quarter.
During March alone, though, prices increased by 1.2 per cent, which means they are 0.9 per cent higher than a year ago.
Nicholas Ayre, director of UK buying agent Home Fusion, commented: "The property market, very clearly, has fragmented into a series of micro-markets.
"It could be many years before we see the return of a property market that trends at a national level."
Based on a 60 per cent sample of all completed house purchases involving a mortgage, the DCLG survey reveals that prices have increased in the last 12 months in the south-east and east of England, as well as the East Midlands.
According to a survey by the DCLG, prices over the first three months of the year were 0.5 per cent down on the previous quarter.
During March alone, though, prices increased by 1.2 per cent, which means they are 0.9 per cent higher than a year ago.
Nicholas Ayre, director of UK buying agent Home Fusion, commented: "The property market, very clearly, has fragmented into a series of micro-markets.
"It could be many years before we see the return of a property market that trends at a national level."
Based on a 60 per cent sample of all completed house purchases involving a mortgage, the DCLG survey reveals that prices have increased in the last 12 months in the south-east and east of England, as well as the East Midlands.
Published: 18/05/2011
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