Halifax, one of the UK’s largest lenders, reported that house prices in the UK have fallen by 1.4% in April when compared with March of 2011.
When compared with the same quarter of the year in 2010, prices are 3.7% lower.
It should be stressed that the statistics are based on Halifax’s own mortgages and are not based on all property transactions across the UK. As has become my mantra in recent months, it is important also not to look too deeply into UK-wide statistics as different regions of the UK are experiencing quite different property price trends. There certainly can be no doubt though that, whilst we might be experiencing property price stability in some regions of the UK, and indeed price rises in certain more limited locations, the general trend is not rapidly upwards. Because of the regional variations and differing levels of demand between certain types of properties and even streets within those regions, people who are thinking of selling their property should take advice from an estate agent who can give a more nuanced appraisal of their property’s value rather than looking at UK-wide statistics to determine the value of their property.