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Saturday 02nd of May 2009
April 27, 2009

Monthly house price decline slows to 0.3%


by Gill Montia
Monthly house price decline slows to 0.3%

Hometrack has reported that house prices in England and Wales fell by 0.3% in April.

The monthly decline was at its slowest for a year and half that recorded by the housing intelligence firm in March.

Figures for this month bring the annual loss to 10.1% and the price of the average home in England and Wales down to £155,600.

The number of sales agreed in April rose by almost 15%, following a rise of 18.6% in March, while the number of prospective buyers registering with estate agents increased by 6%, compared to an 8.5% rise in March.

In April, the average property remained on the market for 10.4 weeks before achieving a sale, down from 11.3 weeks a month earlier and 89.6% of vendors achieved their asking price, up from 88.8% in March.

On a regional basis, only 32% of postcode districts recorded a fall in prices, compared with over 50% last month.

In line with other market commentators, Hometrack warns against interpreting its survey as the dawn of a revival, saying the April improvements could be seasonal.

Hometrack director of research, Richard Donnell, advises that the anxiously awaited upturn still remains dependent on first-time buyers gaining sufficient confidence and finance to put a foot on the property ladder.

Estimates for price falls before the market finally bottoms out vary but at the high end are at 10% plus for 2009.

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Story link: Monthly house price decline slows to 0.3%


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