Annual house prices in England and Wales fell 2.9% in the year to April, according to the latest data from chartered surveyors e.surv.
The average cost of a home in the areas analysed is now £359,154, compared to £369,880 in April of last year.
The South East of England had the biggest fall in rates within the timeframe, down 6.6% from April 2023.
However, price drops are said to be decreasing, with prices having risen on a monthly basis, up 3.8% from March this year.
E.Surv director Richard Sexton says: “Our index points to a fragile recovery this month.
“The average sale price of completed home transactions using cash and/or mortgages in England and Wales rose by a meagre £127 to £359,154.
“This means that the average sale price in April is £18,920 lower, or 5%, below the peak reached in October 2022, but crucially some £43,750 – or 13.9% – higher than at the start of the pandemic in March 2020, over four years ago.
“The expectation that any Bank of England base rate cut is imminent is becoming an increasingly distant prospect. This pushed mortgage rates higher in April and has undoubtedly given some buyers’ pause for thought.
“So while increased competition from lenders has meant that the availability of mortgage finance has been good, going forward, we expect the dual effect of economic and political uncertainty (in advance of the general election later in the year) to weigh on buyer sentiment over the coming months which may, in turn, weigh on price growth.”
