House prices in April were 17.7% lower on an annual basis, with the UK average price returning to where it was five years' ago in April 2004 (£154,511).
However, the rate of decline of prices seems to have slowed. The index shows that prices in the three months to April compared to the previous three months - an indicator of the underlying trend - were 3.3% lower. This is slightly below the quarterly rate of decline of 5-6% recorded consistently between June 2008 and January 2009.
The Halifax also stated it could see ‘tentative signs of a stabilisation in activity’ albeit at a very low level. Bank of England industry-wide figures show that the number of mortgages approved to finance house purchase – a leading indicator of completed house sales - increased by 19% between the final quarter of 2008 and the first quarter of 2009, on a seasonally adjusted basis. Approvals in March, at 39,230, were the highest since May 2008, but were still 34% lower than in March 2008.
