"Green shoots" of recovery in housing market?

Uk House prices fell at the slowest rate in 10 months during March,according to the latest report from Hometrack Ltd, the London based property researcher.The average cost of a home in England and Wales declined 0.6 percent from February to £156,100.

Many analysts now believe that this month the property market may now be showing some “green shoots” of recovery as government aid to bolster mortgage lending may be taking effect.

Richard Donnell director of research at Hometrack said “While market conditions remain extremely tough, and the economic outlook is far from rosy, agents are currently marking down prices less aggressively than they were in the autumn...This modest pickup we see as being largely seasonal but supported by pent-up demand feeding back into the market.”

March saw the number of sales agreed increased and more potential buyers registered with estate agents. Average time on the market fell, and the percentage of the asking price being achieved in the final sale rose for the first time in two years to 88.8%.