House prices continue to fall


House prices continue to fall
House prices fell by 0.4 per cent in April, official figures show.

Nationwide's figures out today show house prices have now dropped 15 per cent from their value 12 months ago, with the average home now valued at £151,861.

Last month had seen a surprise rise in prices by 0.9 per cent, the first rise witnessed in 16 months. However, for the quarter ending in April, prices fell 3.1 per cent.

Nationwide claims the housing market is continuing to struggle in part due to limited lending from banks.

The building society though welcomed chancellor Alistair Darling's announcement of an extension of the stamp duty holiday in his Budget last week.

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