This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8026152.stm
The article has changed 6 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| UK house prices 'down in April' | UK house prices 'down in April' |
| (30 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 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 | Change |
| The Nationwide surprised many homeowners last month when it announced that prices rose by 0.9% in March compared with February. | The Nationwide surprised many homeowners last month when it announced that prices rose by 0.9% in March compared with February. |
| It is still far too soon to say that this is the start of a solid revival in the market Nationwide chief economist Fionnuala Earley Tips for getting on the property ladder | |
| 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. | 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. | 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. | 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. | The state of the economy, and the threat of unemployment, meant demand for home loans would continue to fall, she added. |
| Stamp duty | |
| The Nationwide offered some support to Mr Darling for his Budget measures to get lending moving again. | |
| Consumer confidence is weaker than it has been for many years and the property market will not recover until it returns David Smith, senior partner at Dreweatt Neate estate agents | |
| The extension of the stamp duty holiday - from September to the end of the year for properties of less than £175,000 - was also welcomed. | |
| Falling prices meant that the average home was now priced below the threshold in every area of the UK except London and greater London. For first-time buyers only the capital has property prices typically above the threshold. | |
| Although this, as well as falling prices and low interest rates, was providing more of an incentive for first-time buyers, Ms Earley said that buyers were remaining cautious as they expected prices to keep dropping. | |
| Some surveys have suggested a shift in the housing market of late, most notably HM Revenue and Customs figures, which showed the number of homes sold in the UK jumped by 40% in March from the previous month. | |
| Some commentators have been relatively upbeat about data, but Ms Earley said it was too soon to talk about a revival. | |
| "While affordability is indeed more favourable and there does seem to be some cautious optimism from some quarters, it is still far too soon to say that this is the start of a solid revival in the market," she said. | |
| David Smith, senior partner at Dreweatt Neate estate agents, said: "A sideways-moving market like this, with the odd blip up or down, is how things look set to continue given the highly uncertain economic climate. | |
| "Consumer confidence is weaker than it has been for many years and the property market will not recover until it returns." |