House Prices Fell in April
Land Registry figures show that house prices fell in April by 0.3%, with the annual rate of decline remaining at 16.2%, the same as March.Although prices are still falling, the rate of decline has been firly staitc over the past couple of months. The average house price in England and Wales is now £152,898, down by £29,659 in the year.
The figures go on to show that the number of house sales between Nov 08 and Feb 09 averaged 31,315 per month, down by 42% on the same period 12 months previously.
According to david Smith, of Carter Jones, the figures herald the stabilising of the UK property market and that the bottom of the market has been reached. However, Howard Archer of Global Insight is sceptical that house prices have bottomed out.
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