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Halifax: April sees smallest monthly rise this year

Thursday, 10 May 2007 12:00 AM

April's house price rise of 1.1 per cent was the smallest of the year, Halifax reveals today.

Last month's house price rise failed to keep up the pace with previous growth, seeing annual house price inflation fall to 10.9 per cent, from March's 11.1 per cent level.

The bank finds the average house price reached £196,745 in April, a rise of £2,180 over the last month.

"There is accumulating evidence of a slight easing of conditions in the housing market with further signs of moderation in both demand and activity in the past month," commented Martin Ellis, Halifax chief economist.

"Demand remains healthy which, together with tight supply, continues to push up prices. Good economic growth and a strong labour market will continue to support healthy housing demand."

He added: "The increase in interest rates since last August, however, are expected to exert increasing pressure on householders' finances, resulting in slowdown in house price inflation over the coming months."

Mr Ellis also said as the increase in people's earnings had not kept up with inflation levels, which would be another factor on house price rises easing.

Halifax points out the number of mortgage approvals was down by five per cent over the first quarter of this year, compared with the same time in 2006, and buyer interest in properties declined for the fourth month running, according to the latest research from the Royal Insitution of Chartered Surveyors (Rics).

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