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News: House Prices Down 0.4%, Says Nationwide

Thu, 30 Apr 09

House prices are continuing to slide, according to the Nationwide.

The building society’s latest figures show a fall of 0.4% during April, putting the annual rate of decline at 15%.

The price of an average home is now £151,861, according to the building society, which added that quarterly prices are also down.

Prices fell 3.1% in the quarter to the end of April, compared with the previous quarter.

In releasing its latest figures Nationwide welcomed moves made by Chancellor Alistair Darling in the budget to boost the housing market, including extending support for struggling home owners and support for the home building sector.

However the Nationwide warned that these measures are unlikely to make a dramatic impact in the short term.

These latest figures come in stark contrast to the Nationwide’s data for March, which showed a 0.9% rise in prices compared with February.

Nationwide chief economist Fionnuala Earley added: “Affordability is indeed more favourable and there does seem to be some cautious optimism from some quarters.”

 

By Joe Lepper

 

See also: Home Asking Price Index, House Prices and Trends by Town and Postcode,Mortgages

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