This shows a decline in the annual rate of growth recorded in March 2008 (3.6%) and a 9.7% decrease from the April 2007 annual growth rate of 11.4%.
The House Price Watch is the only fully inclusive summary of all the major UK house price indices, providing a comprehensive overview of market activity. It shows that while annual house price growth declined in April, monthly house price data (showing short term trends more clearly) offers a different perspective. Data showing three month average house prices reveals a steep rise throughout 2006 and into early 2007 but this is proving very stable now in 2008.
Property prices have remained firm since the beginning of the year, with a current average of £211,014 in April – down only £4,015 (1.9%) from the peak experienced six months ago – £215,089 in October 2007. The average house price in April 2008, taken from the average price provided by all five major indices showed a decrease of just £915, compared with the previous month’s average figure and an increase of £2,279 in the twelve months from April 2007, when the average price of a home was £208,735.
Stuart Law, Chief Executive of Assetz, commented: “While house prices fell by 0.6% in April, prices remain up on the previous year and I am yet to see any firm evidence of a housing market crash. We saw a steep increase in house prices leading up to a peak in October last year. This was widely regarded as an unsustainable level of growth and we are currently embedded in a period of stabilisation, throughout which house prices in this country have remained extremely robust in spite of the difficulties in the mortgage market – down only 1.9% in April since the highest recorded average, taken in October last year - a far cry from the property crash that many commentators are misleadingly quoting.”
