The Office for National Statistics has revealed that March 2019 saw average house prices fall by 0.2% on the previous month.
There has been an annual price rise of 1.4%, which makes the average property in the UK valued at £226,798.
In England, the March data shows on average, house prices have fallen by 0.5% since February 2019. The annual price rise of 1.1% takes the average property value to £243,128.
The regional data for England indicates that Yorkshire and The Humber experienced the greatest monthly price rise, up by 1.8% and the greatest annual price rise, up by 3.6%.
The North West saw the most significant monthly price fall, down by 1.7%, while London saw the largest annual price fall, down by 1.9%.
Shaun Church, director at mortgage broker Private Finance, said: “UK house prices have witnessed a springtime boost, defying wider uncertainty to enjoy the uplift that normally comes at this time of year. In good news for first-time buyers, however, this rate of increase is much more moderate than witnessed in recent years.
“With the postponement of Brexit, many buyers and sellers that were previously delaying their property ambitions have decided they can afford to do so no longer. Since the UK’s date of departure from the EU was pushed back until October, we’ve already witnessed a resurgence in activity that will help to add even greater buoyancy to house prices and the wider market over the course of the summer.
“Deal or no deal, Brexit or no Brexit – for now it appears that the property market is progressing regardless. If this new found confidence can be maintained, it should allow the market to return to a stronger state.”
