House prices fell by 1.3% in April. Prices were 0.9% lower on an annual basis.
Commenting, Martin Ellis, chief economist, said: 'House prices fell by 1.3% in April. We expect a mid single digit percentage decline in UK house prices this year. 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.
'Price falls should be viewed in the context of the substantial price rises over recent years. UK prices nearly doubled 190% over the ten years to August 2007. A growing economy, high employment levels, low interest rates and a shortage of new homes underpin housing valuations.'
Halifax House Price Index
All Houses, All Buyers Index (1983=100)
Index (seasonally adjusted) 611.8
Monthly Change -1.3%
Annual Change -0.9%
Standardised Average House Price (seasonally adjusted) £189,027
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