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| House prices continue to decline | |
| (10 minutes later) | |
| UK house prices are continuing to fall sharply, according to the latest survey from the Halifax. | |
| The lender, now part of the Lloyds Banking Group, says prices fell by another 1.7% in April, pushing the annual decline from 17.5% to 17.7%. | The lender, now part of the Lloyds Banking Group, says prices fell by another 1.7% in April, pushing the annual decline from 17.5% to 17.7%. |
| It means that the average UK property is now worth £154,716, £33,264 less than a year ago. | It means that the average UK property is now worth £154,716, £33,264 less than a year ago. |
| The Halifax warned that house prices would probably continue falling in the coming months. | The Halifax warned that house prices would probably continue falling in the coming months. |
| "Rising unemployment, low consumer confidence and the reduced availability of credit are all expected to exert downward pressure on the housing market over the next few months," said Martin Ellis, the Halifax's chief economist. | |
| "As a result, further house price declines are likely," he said. | |
| However, the Halifax said there were tentative signs that the slump in sales was now stabilising. | |
| The number of new mortgages approved, but not yet lent, have risen in the past couple of months, while estate agents have been reporting a revival of interest from potential buyers. |