The average cost of a home in Britain fell by 0.1 per cent to £168,202, according to Halifax, the mortgage lender. The 0.1 per cent rise in April was lower than expected. Analysts had predicted a rise of 0.5 per cent, for an annual increase of 7.1 per cent.House prices were 6.6 per cent higher than they were a year ago, although the rate of increase has slowed after rebounding during the second half of 2009.
Halifax said that prices were likely to remain flat throughout the remainder of the year.
New sales instructions continued to increase, pushing up the stock of unsold properties to the highest since April last year.
Martin Ellis, Halifax's housing economist, said: “The improvement in house prices since spring 2009 has encouraged more people to try to sell their property.
"New sales instructions have risen, helping to push up the stock of unsold properties in recent months. As a result, the imbalance between supply and demand is easing somewhat.”
Overall, prices fell by 23 per cent over the past two years because of the economic downturn, reaching their low point in April last year.
The average price has recovered by £13,539 since then.
From: Times Online
