(1888PressRelease)
May 19, 2007 - A survey by Moneyextra - which was based on 50,000 searches carried out on the financial comparison site in the last month - showed house prices fell from £222,923 in February to £220,303 in March.
This highlights the uncertainty currently prevailing in the property market, which has been attributed to heightened fears of a further rise in interest rates and the impending introduction of home information packs (Hips).
"It looks like the mortgage market is beginning to slow down," confirmed Robin Amlot of Moneyextra.
He also predicted that this trend is set to continue given the aforementioned concerns of homeowners and first time buyers.
"The prospect of higher interest rates on the way and talk of base rate rising as high as 7.5 per cent next year will have a dampening effect on the housing market over the coming months."
Movers - as opposed to first time buyers - were most likely to record a fall in property prices, according to the survey.
Julian King, director of National Homebuyers, the UK fast property purchase company says: "We have predicted this for quite some time. The certainty of more and more interest rate hikes is already having an effect.
"National Homebuyers is being inundated with people enquiring about a quick sale solution for their property as their local marketplace is already going backwards. We will happily discuss our solutions to help people worried about the future value of their property."
###
