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| UK house prices 'down in April' | UK house prices 'down in April' |
| (10 minutes later) | |
| House prices in the UK fell by 0.4% in April reversing some of the rise seen in March, according to the Nationwide. | House prices in the UK fell by 0.4% in April reversing some of the rise seen in March, according to the Nationwide. |
| The building society's figures show that the pace of decline in house prices slowed, but the typical home still cost 15% less than a year ago. | The building society's figures show that the pace of decline in house prices slowed, but the typical home still cost 15% less than a year ago. |
| The price of the average property in the UK was £151,861 in April. | |
| The group welcomed some of the moves made by Chancellor Alistair Darling in the Budget but warned this would not bring a swift turnaround in the market. | The group welcomed some of the moves made by Chancellor Alistair Darling in the Budget but warned this would not bring a swift turnaround in the market. |
| The three-month on three-month figures showed that prices fell 3.1% in the quarter to the end of April, compared with the previous quarter. | The three-month on three-month figures showed that prices fell 3.1% in the quarter to the end of April, compared with the previous quarter. |
| This was less of a decline than than the 4.1% fall, using the same measure, seen a month ago. | This was less of a decline than than the 4.1% fall, using the same measure, seen a month ago. |
| Change | |
| The Nationwide surprised many homeowners last month when it announced that prices rose by 0.9% in March compared with February. | |
| But it warned at the time against reading too much into the change, saying that it was not a sign that the market had turned. | |
| In a speech a week ago, Matthew Wyles, chairman of the Council of Mortgage Lenders (CML), said that the mortgage market remained "highly dysfunctional" and that 2009 would be a tough year. | |
| Now, Nationwide's chief economist Fionnuala Earley said that the housing market was "in the doldrums", partly because of limited lending from banks. | |
| The state of the economy, and the threat of unemployment, meant demand for home loans would continue to fall, she added. |