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Sunday 12th of October 2008
May 2, 2008

House prices lose 4.2% since turn of the year


by Gill Montia
House prices lose 4.2% since turn of the year

Halifax, the UK’s largest mortgage lender, has published its latest house price index showing a 1.3% drop in the average price of a UK home in April, to £189,027.

The decline follows a drop of 2.4% reported by Halifax, in March.

In terms of annual property inflation, the index recorded its first fall since 1993, with properties worth 0.9% less than in April 2007.

The figure is in line with Nationwide’s findings which put the average cost of a home 1% below April 2007 prices.

According to Halifax, prices have fallen during six of the past eight months leaving UK property prices 4.2% below their staring out point, at the beginning of the year.

The lender cited the usual suspects in relation to the market’s performance: pressure on household budgets; strong property inflation in recent years and rising mortgage costs.

There is little good news on the UK property market and the Bank of England’s latest Financial Stability report, published this week, warns that house prices could fall further.

A member of the Bank’s Monetary Policy Committee went some way towards qualifying the statement by suggesting that UK house prices could fall 30% over the next two or three years.

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