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Fall in house prices slows
The housing downturn may be beginning to show signs of slowing as prices fell by the lowest rate in a year in April, new figures reveal.
A survey by Hometracker found that the average house price fell 0.3 per cent this month, taking the total decline over the year to 10.1 per cent. Only 32 per cent of postcodes reported falls, compared with 59 per cent in February.
Demand for houses was also up, with a 15 per cent increase in sales and applications to estate agents up six per cent.
Hometracker's director of research Richard Donnell warned, however, that he only expects to see around half the level of normal market sales in 2009, with many first-time buyers still unable to access mortgage finance.
"In the rush to seek out the green shoots of recovery, the importance of first-time buyers in driving the market is often underestimated," he added.
Figures released last week from the Council of Mortgage Lenders showed that mortgage lending rose by 16 per cent to £11.5 billion in March, compared with £9.9 billion in February.