LONDON, April 8 (UPI) -- England's largest mortgage lender Halifax announced Tuesday that March housing prices dropped by 2.5 percent, marking the biggest monthly fall in 15 years.

The Times of London reported house prices in the United Kingdom slid the most in the West Midlands, where prices dipped 5 percent and in Wales, where prices slid 4.7 percent.

"Overall, we expect there to be a modest (low single digit) decline in UK house prices this year. Any declines, however, should be viewed in the context of the significant price rises over recent years," Halifax's chief economist Martin Ellis said.

"UK prices have increased by 171 percent over the past 10 years and by 51 percent over the last five years," he added.

The Bank of England has said mortgage approvals decreased to 73,000 in February from 74,000 in January.

"The increasing danger of a sharp housing market correction heightens pressure on the Bank of England to cut interest rates by a further 25 basis points from 5.25 percent to 5 percent on Thursday, even though this may only have a limited impact in bringing down mortgage rates overall given the lack of liquidity and elevated market interest rates," said Howard Archer of Global Insight.