Halifax reveals UK house prices fall at fastest rate since Sept 2009
The Halifax has released its latest UK house price index for April and it shows that house prices in the UK fell by 1.4 per cent from their levels in March.
Prices have fallen by 3.7 per cent in the year and the lender says that this continues the trend of “modest decline”. It means the average home in the UK is now valued at £160,395.
Martin Ellis, the Halifax housing economist said: "The latest figures show that the underlying trend in house prices continues to be one of modest decline.
"Weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices.”
The figures show the largest annual decline in house prices since September 2009 and are slightly more negative that the data released last week by the Nationwide Building Society.
The two lenders use slightly different methods to compare housing data year-on-year. Halifax compares the last three months with the same three months from a year earlier. If they were using the same criteria the figures from the Halifax would have shown an annual fall of 4.9 per cent.
Nationwide revealed that prices had changed little over the last six months. Meanwhile, the Land Registry said that house prices were 2.3 per cent lower than they had been a year earlier.
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