Annual house price growth falls

The annual rate of house price growth has fallen for the seventh month in a row, figures from the Land Registry have revealed.

The annual increase in March was just 3.6%, compared to 5.3% in February, while prices fell by 0.4% in month-on-month figures.

The Land Registry's figures differ from most other property survey as they are based on actual sales figures rather than data provided by mortgage lenders.

But surveys from the Halifax and Nationwide have already reported a falls for March. The Halifax put this at 2.5% - the biggest monthly drop in 15 years - while Nationwide reported a 0.6% slump.

The failure of many banks and building societies to pass on the Bank of England's recent interest rate cuts is being blamed for the continuing decline of the property market.