House prices falling, says ODPM

The average house price dropped to £181,832 in April, down from £183,346 in March, the ODPM says. Detached houses have taken the biggest hit, shedding an average of 3.4% of their value, and flats down by 0.4% - although other types of dwellings have seen prices increase. As a result, annualised house price inflation fell to 6.9% from 12.6%. Prices in London dropped have been even more volatile, with the annualised rate of price increases falling to 2.7% from 9.8% the previous month. That means average earnings are now increasing faster than average house prices in the capital. ...