House prices drop in April |
02 2008 |
| House prices fell again in April, suggesting that now is not a good time to enter the property market. According to Halifax, a typical UK property lost 1.3 per cent of its value between March and April. That brought prices down by 0.9 per cent annually and it seems that there are more price drops to come. The average house price still remains relatively high (£189,027), suggesting that many people will choose to rent rather than buy, at least until prices fall further. Commenting on the results, Martin Ellis, Halifax chief economist, said that he expects prices to continue falling this year. "House prices fell by 1.3 per cent in April. We expect a mid single digit percentage decline in UK house prices this year," he revealed. "There will be regional variations, however. Some areas of the country are likely to record modest price rises whilst other parts are expected to see falls above the national average," added Mr Ellis. Nationwide recently revealed that house prices fell by 1.1 per cent between March and April.  |
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