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March property prices fall to their lowest for six months
April 25th, 2007
House prices stall in March - first time buyers are still under pressure, says Moneyextra
Average property values prices fell in March to their lowest level since October last year. At £220,303, the average price is up just 4.8% on year-ago levels and is actually down 1.2% on February's £222,9231.
Property values fell both for first time buyers and for home movers. However, the fall of just £891 - to an average £176,205 - for first time buyers underlines that this is the sector of the housing market still experiencing the greatest price pressures.
Despite the falls seen in the last month, first time buyers are still facing the largest increases in prices year on year, with the average price experienced by those looking to buy a house for the first time rising by 5.9%.
Robin Amlôt of Moneyextra said, "It looks like the mortgage market is beginning to slow down. The prospect of higher interest rates on the way and talk of base rate rising as high as 7.5% next year will have a dampening effect on the housing market over the coming months."
The average value of mortgages actually completed by AWD Moneyextra customers in March fell again to its lowest level for three months at £142,708.75. The most popular mortgage lender in March was Lloyds TSB subsidiary Cheltenham & Gloucester2.
For further information, please contact:
Robin Amlôt
Senior Editor, Moneyextra
Tel: 0870 191 5626
public.relations@moneyextra.com
NOTES TO EDITORS
Moneyextra.com's Compare and Buy Tool Searches March 2007
| Mortgages | FTB | Moving | Remortgage | All |
|---|---|---|---|---|
| Average Borrowed | £137,219.00 | £164,954.00 | £115,383.00 | £135,238.00 |
| Average LTV | 77.87% | 62.68% | 49.07% | 61.39% |
| Average Property Value | £176,205.00 | £263,162.00 | £235,149.00 | £220,303.00 |
| Average First Income | £38,476.00 | £45,895.00 | £41,545.00 | £41,890.00 |
| Average Second Income | £21,393.00 | £21,949.00 | £19,651.00 | £20,871.00 |
| % with dual incomes | 35.74% | 58.52% | 53.53% | 48.18% |
1Figures are based on the first 50,000 searches carried out on Moneyextra.com's Mortgage Comparison tool each month.
2 Moneyextra.com's top mortgage lenders
| March 2007 | Jan-Mar 2007 |
|---|---|
| 1. Cheltenham & Gloucester | 1. Nationwide BS |
| 2. Woolwich | 2. Woolwich |
| 3. Halifax | 3. Cheltenham & Gloucester |
| 4. Nationwide BS | 4. Northern Rock |
| 5. Coventry BS | 5. Halifax |
| 6. Abbey | 6. Coventry BS |
| 7. Skipton BS | 7. Abbey/td> |
| 8. Mortgage Trust | 8. Mortgage Trust |
| 9. Cheshire BS | 9. Alliance & Leicester |
| 10. Northern Rock | 10. Skipton BS |
| 11. Scottish Widows Bank | |
| 12. First Active |
Moneyextra.com regularly wins awards - in 2007
- Finalist Customer Focus, National Business Awards Wales/West Country Region
- Finalist Growth Strategy, National Business Awards Wales/West Country Region
Moneyextra.com is one of the UK's longest-established personal finance websites. It has 536,000 unique users and delivers 5.5 million page views every month and has 513,000 registered users.
As at 22nd March 2007, Moneyextra.com featured:
- More than 10,000 Mortgages from 126 providers
- 161 Personal Loans from 69 providers
- 205 Credit Cards from 64 providers
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- 173 Cash ISAs from 91 providers
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- 858 Deposit accounts from 149 providers