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The Halifax Bank's latest house price index shows a drop for the second month in a row. April's drop of 0.2% follows March's fall of 1.2% off the average UK property price.
The bank says that the falls are due to a lack of supply.
Stephen Noakes from the Halifax, said: "On an annual basis, housing demand still remains strong. Housing demand continues to be supported by an economic recovery that is gathering pace, rising consumer confidence, low interest rates and wage growth finally beginning to outgrow consumer prices."
The bank says that the falls are due to a lack of supply.
Stephen Noakes from the Halifax, said: "On an annual basis, housing demand still remains strong. Housing demand continues to be supported by an economic recovery that is gathering pace, rising consumer confidence, low interest rates and wage growth finally beginning to outgrow consumer prices."
These falls pre-date any impact that might arise from a tightening of the mortgage lending criteria that came into force on 26 April under the new mortgage market review (MMR) rules.
The annual change in the price of a property still stands at an 8.5% increase over the year.
Read the full Halifax Property Price Data for April
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1 comment:
Which economic theory predicts that a "lack of supply" leads to a fall in prices?
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