Insurance News Archive

House prices fall by 0.4% in April

House prices fell by 0.4 per cent in April, suggesting the recovery of the market has not yet begun despite figures showing last month that values were rising.

Nationwide's monthly price index showed that the average cost of a home in the UK now stands at £151,861, which represents a 15 per cent decline compared to the same period in 2008.

The chancellor's measures to boost the housing market will not lead to a swift turnaround for the sector, according to the building society.

Commenting on the figures, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said the resumption of a downward trend was unsurprising and consistent with indicators from his own organisation's research.

"With unemployment set to rise further, new supply onto the market is likely to remain constrained as potential distressed sellers avail themselves of the various government programmes to remain in their property," he added.

30 Apr 2009