The property market is set for a shake-up as new research shows prices have continued to drop. The average price of a new home in April was £256,143 - down 8.1 per cent on last year. According to which carried out the research, it is the most significant price decrease since the slowdown began last October.

However, it points out that although it was the largest annual fall to date, prices were down just 0.3 per cent on March’s figures, suggesting that the slowdown is stabilising and prices could start to creep up again in the next few months. Also found that people are now willing to pay 3.8 per cent more for a home than they were this time a year ago. However, migration out of both the East and West Midlands continued last month. London’s popularity has risen as prices decreased slightly during the year, but it still saw more buyers moving out than. Meanwhile, further north, Scotland remained the most popular destination, followed by the South West and Yorkshire & Humberside.