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House prices fall by 2.4%

House prices fell by 2.4% in April, offsetting the increased witnessed during the previous month, according to mortgage lender Halifax.

While prices during the 3 months to April were 0.3% higher than the previous quarter, this was the first price increase on this measure of the underlying trend since September 2011 following six successive falls.

Commenting on the figures, Martin Ellis, housing economist said: Despite the slight improvement in the underlying trend in recent months, house prices continue to lack real direction with the current UK average price little different to where it was at the end of 2011.

“The monthly figures continue to fluctuate quite widely with a 2.4% decline in April, wiping out March’s 2.2% rise.”

There has been little change in average British house prices from the last quarter, which currently sit at £159,883. This is 0.5% lower than during the same period last year.

Ellis continued: “The ending of the stamp duty holiday for first-time buyers in late March appears to have boosted home sales early this year as buyers strove to beat the deadline, and has probably contributed to the volatility in house prices in the last few months.

This was posted in Bdaily's Members' News section by Ruth Mitchell .