House prices fall by 1.9% in March

| April 3, 2009 | 0 Comments
House prices fall by 1.9% in March

According to the Halifax, which is now part of Lloyds Banking Group, the housing market will still remain tough for the rest of the year and the statement comes amid figures that house prices have fallen by 1.9 percent in March, compared with February.

This has slightly eased the annual rate of decline as prices have fallen by 17.5 percent from this time last year, but it does meant that the average UK home now costs £157,326, at least £30,000 less than a year ago.

The latest Halifax figures contradict that of rival Nationwide who announced yesterday that there was a 0.9 percent rise in house prices in March.

However Martin Ellis, Halifax’s housing economist, has said that the market is now only showing tentative signs of stability.

The survey also revealed that Halifax house price to earnings ratio fell to its lowest since 2003.

Despite the improvements in affordability, the housing market will continue to remain tough because of a variety of factors such as increasing unemployment, low consumer confidence and the availability of mortgages, particularly over the next few months.

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