The average house price in March stood at £178,007 across England and Wales – a monthly drop of 0.8%.
According to the Land Registry, annual house price inflation was 5.3% in March.
The survey also showed a drop in transactions. From October to January – the latest period for which data is available – there were 71,090 sales on average per month, down from 76,056 for the same period the year before.
In January itself, there were just 53,169 transactions, 18% down on the figure of 65,175 for January 2014.
Transactions fell in every single price bracket.
