House prices down 2.4% in April

house chart down

House prices fell by 2.4% in April, according to the Halifax House Price Index. But prices over the quarter are up 0.3%.

"Prices in the three months to April were 0.3% higher than in the previous quarter, marking the first rise in this measure for seven months.

"Despite the slight improvement in the underlying trend in recent months, house prices continue to lack real direction with the current UK average price little different to where it was at the end of 2011.

"The monthly figures continue to fluctuate quite widely with a 2.4% decline in April, wiping out March's 2.2% rise," says Martin Ellis, housing economist at Halifax.

This month's fall in house prices means that the average house is now £159,883, virtually the same level as December when it was £159,888.

"We continue to expect little overall movement in prices as the UK economic situation remains challenging," adds Ellis.