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House prices 'fell 1.4% in April' the Halifax says | House prices 'fell 1.4% in April' the Halifax says |
(40 minutes later) | |
Weak household confidence led UK house prices to fall by 1.4% in April compared with March, the Halifax has said. | Weak household confidence led UK house prices to fall by 1.4% in April compared with March, the Halifax has said. |
The lender, now part of Lloyds Banking Group, said the latest figures showed that property values were continuing a trend of "modest decline". | The lender, now part of Lloyds Banking Group, said the latest figures showed that property values were continuing a trend of "modest decline". |
Prices fell by 3.7% compared with a year ago, with the average home now costing £160,395. | Prices fell by 3.7% compared with a year ago, with the average home now costing £160,395. |
In the three months to April, prices were 1.2% down on the previous quarter. | In the three months to April, prices were 1.2% down on the previous quarter. |
"Weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices," said Martin Ellis, Halifax housing economist. | "Weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices," said Martin Ellis, Halifax housing economist. |
"The latest figures show that the underlying trend in house prices continues to be one of modest decline." | "The latest figures show that the underlying trend in house prices continues to be one of modest decline." |
However, he said low mortgage rates and an increase in the number of people with jobs were likely to curb the pace of house price decline. | However, he said low mortgage rates and an increase in the number of people with jobs were likely to curb the pace of house price decline. |
"There are signs that house sales are stabilising albeit at a level lower than the historical average," he added. | "There are signs that house sales are stabilising albeit at a level lower than the historical average," he added. |
Comparison | |
The data is slightly more negative than that offered by the rival Nationwide Building Society. | |
The Nationwide said that prices had been "fairly static" over the past six months, with values rising in three and falling in three of the last six months. | |
However, figures from the Land Registry, widely regarded as the most comprehensive of house price statistics, showed that prices were 2.3% lower in March than a year earlier. | |
The figures, which lag slightly compared with other surveys, revealed that over the past year in England and Wales, only London had seen prices rise. |