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House prices decrease by 1.4 per cent in April

Monday, 9 May 2011 3:28 PM

Figures released today by Halifax show that house prices dropped 1.4 per cent in April.

In Halifax's monthly house price index, the average asking price of a UK property was £160,395 – 1.4 per cent less than in March, and 3.7 per cent down on April 2010.

Paul Hunt, managing director of financial systems provider Phoebus Software, said: "A monthly fall on this scale would normally cause homeowners to despair as they see the value of their properties decline with alarming speed. But in the present low interest rate environment, a falling property market isn’t necessarily a disaster for those on tracker mortgages.

"Dropping prices will give more weight to the argument to keep the Bank rate low and it now seems likely that we won’t see a rise until later this year. That’s great news for those repaying mortgages and for people looking to remortgage as the price of fixed rate deals has started to decline too."

There was no decrease in property prices between February and March. The first quarter as a whole saw a 1.2 per cent reduction in average asking prices.

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