House prices flat in April, but up 6.6% annually - Mortgages - News - Moneyfacts

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House prices flat in April, but up 6.6% annually

House prices flat in April, but up 6.6% annually

Category: Mortgages

Updated: 07/05/2010
First Published: 07/05/2010

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House prices were broadly flat in April, but have registered a rise of more than 6% over the last 12 months.

Property values across the UK fell by 0.1% last month, following the 1% increase in March, the Halifax House Price Index has shown.

A look at the trend over the last year shows a different picture, however, with the average value of a home increasing by 6.6%.

It represents the largest increase in the annual rate of change – measured by the average for the last three months compared with the same period a year earlier – since October 2007 when it was 8.9%.

Prices ended last month 8.7% above their April 2009 trough, meaning property has increased in value by £13,539 on average over the period.

The average value of a home in the UK finished April at £168,202, which is 16% below the August 2007 peak.

These increases appear to be encouraging people to attempt to sell their property, meaning the imbalance between supply and demand is easing.

New sale instruction increased once more in March, helping to push up the stock of unsold properties to its highest point since April last year.

Martin Ellis, housing economist, predicted that house prices would remain flat throughout 2010.

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