House prices fell in March by their biggest monthly drop since the the property crash of the 1990s. The value of an average property fell by almost £5,000 - 2.5%.
The report by the Halifax showed that March suffered the worst monthly fall in property prices since September 1992 when prices dropped by 3% in a single month. This means that the average house is now worth only 1.1% more than 12 months ago and house prices have dropped 1% in the first quarter of this year.
After allowing for inflation, the real price of an average home over the last 12 months has dropped by £4,909.
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