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No Change In House prices In April

Tue, 03 May 2011
UK house prices remained unchanged for the first time in nine months in April, according to the latest national housing market survey by Hometrack.

The research revealed that property sales for April recorded no fall in average prices – the first time prices have stayed the same since July 2010. The average price of a home in the UK currently stands at £153,100,

The survey also showed that demand for property rose by 22 per cent during the first four months of the year while the number sales agreed increased by 46 per cent.

However, Hometrack said the increase in demand is unlikely to be sustained over the rest of the year and predicts that consumer confidence and household incomes will combine with rising supply to put house prices under renewed downward pressure.

Richard Donnell, the group’s director of research, explained: "While economic growth picked up over the first quarter, the greatest risk to the housing market remains the threat of higher interest rates ."

"That said, fears of an imminent interest rate rise so prevalent at the beginning of the year have since abated and now seem less likely at least in the near term."

"Yet the reality is that pricing levels across the housing market remain finely balanced especially given the relative strength of the London market compared to all other regions."
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