And the number of sales during the first quarter of this year were the lowest since figures were first reported. In its quarterly residential property prices bulletin, the Policy Council said mix-adjusted average purchase price for local market properties in the first quarter was £445,923 – 3.5% lower than the previous quarter and 1.6% lower than the same quarter of 2014.
It is the first time that negative annual growth has been recorded since measuring mix-adjusted purchase prices.
There were just 116 local market transactions during the first quarter of 2015, 11.5% fewer transactions than in the same quarter of 2014.
'The latest residential property prices show a fall in average house prices over the last twelve months, the first annual decrease recorded since the current measure was introduced in 2008,' said a Policy Council spokesman.
'The number of sales made each quarter has been decreasing slowly for some time.'
