House prices fell by 0.1% in April, while the on-year rise was unchanged at 3.8%, figures from lender Halifax showed. A 0.2% decline in prices in the three months to April was the first quarterly fall since November 2012.
Housing demand seems to have been curbed recently due to a deterioration in housing affordability, Halifax’s housing economist, Martin Ellis, said. Signs of a decline in the pace of job creation and a squeeze in households’ finances may also be constraining demand.
House prices should get support from low mortgage rates and supply issues, he said.
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