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House prices fall sharply again
House prices continued to fall sharply in April, dashing hopes that a market recovery could be just around the corner.
Figures released today from Halifax saw the average house in the UK shed a further 1.7 per cent of its value to stand at £154,716.
Prices declined 17.7 per cent in the three months to April compared with a year earlier and have now fallen a total of 22 per cent from their peak in August 2207, according to the lender.
The latest figures have come as a blow to hopes that the housing market would recover swiftly and Halifax said that prices were likely to keep falling for some time.
"We think conditions will remain challenging over the next few months. The fact that the economy is in recession and unemployment is rising sharply is not a great recipe for demand," said the lender's chief economist Martin Ellis.
A less significant fall of 0.4 per cent in April was reported by lender Nationwide last week, following a surprise jump in its figures of 0.9 per cent in March.