The UK’s largest mortgage lender has revealed that house prices have fallen for the second month in a row.
The latest figures from the Halifax House Price Index show house prices fell by 0.2% in April, following a drop of 1.1% in March.
The fall has taken the value of the average home to £177,648.
However, despite the falls over the past two months prices are still up by 2.3% over the past quarter and by 8.5% in the last 12 months.
Responding to the figures, Stephen Noakes, Mortgage Director at the Halifax commented: “”Although mortgage approvals have now declined for two consecutive months and property transactions fell in March, on an annual basis housing demand still remains strong. Housing demand continues to be supported by an economic recovery that is gathering pace, rising consumer confidence, low interest rates and wage growth finally beginning to outgrow consumer prices. However, with supply of properties being slow to respond to market conditions, stronger demand in the past year has resulted in upward pressure on house prices.” (Source: Halifax )
Figures from HMRC show the number of house sales dropped in March by 5%; the first fall in the past 10 months, although they are still 29% higher than the same time last year.