Halifax: UK House Prices Fall O.1% On Month In April

–House Prices Down 0.1% m/m In Apr; Up 6.6% 3m y/y

LONDON (MNI) – UK house prices fell slightly on the month in April,
with rising numbers of sales instructions, according to the latest
Halifax survey.

The Halifax results ran counter to Nationwide’s April survey, which
showed house prices up 1.0% on the month. Halifax’s housing economist.
Martin Ellis, said the increase in the number of properties for sale was
easing the imbalance between supply and demand in the market.

“Our view is that house prices will be flat during 2010 as a
whole,” Ellis said.

House prices were up 6.6%, based on an average of the three months
through April on a year ago, the largest such increase since October
2007.

According to the Halifax series, house prices continued to fall on
the year until November 2009, before beginning to recover. The price
earnings ratio rose back up to 4.72 in April from 4.64 in March,
although it was still below the 4.95 seen in January.

–London newsroom: 44207 862 7491; email drobinson@marketnews.com

[TOPICS: M$B$$$,MABDA$,MABDS$,MT$$$$]