UK Money News
2nd May 2008
Halifax: House prices down 1.3% in April
UK house prices fell again last month, in a further sign of the slowdown affecting the property market.
According to Halifax' monthly house price survey, UK property prices fell by 1.3 per cent during April.
The decline follows falls of 2.5 per cent in March and 0.4 per cent in February.
As a result, the average value of a property now stands at £189,027 – some 0.9 per cent less than the same time last year.
Martin Ellis, chief economist at the lender, said: "Price falls should be viewed in the context of the substantial price rises over recent years.
"UK prices nearly doubled 190 per cent over the ten years to August 2007. A growing economy, high employment levels, low interest rates and a shortage of new homes underpin housing valuations."
Halifax said that it now expects a "mid-single-digit" percentage fall in house prices over the course of this year.
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