House prices in Britain fell by 1.7% last month and by 17.7% in the three months to April compared with a year earlier, according to the latest Halifax house price index.
The lender says house prices have now fallen by 22% from their peak in August 2007, adding April's fall took the average price of a home to £154,716, a level not seen since April 2004. Martin Ellis, chief economist at Halifax, says it expects conditions to remain challenging over the next few months. "The fact the economy is in recession and unemployment is rising sharply is not a great recipe for demand. "There are some signs that confidence is improving a little bit but we still expect further house price falls." [email protected] IFAonline
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
