Commenting, Martin Ellis, housing economist, said: "House prices were broadly flat in April, declining by just 0.1%. This followed a 1.0% increase in March.
“The underlying rate of house price growth has slowed in recent months following the relatively sharp rebound, albeit from a low base, in the second half of 2009. The improvement in house prices since spring 2009 has encouraged more people to try to sell their property. New sales instructions have risen, helping to push up the stock of unsold properties in recent months. As a result, the imbalance between supply and demand is easing somewhat. Our view is that house prices will be flat during 2010 as a whole."
House prices in April were 6.6% higher on an annual basis, according to the index. This was the largest increase in the annual rate of change - measured by the average for the latest three months against the same period a year earlier – since October 2007 (8.9%).
Prices were 8.7% above their April 2009 trough; an increase in the average price of £13,539 over this period. This rise follows a fall between August 2007 and April 2009 of 23%. The average house price was £168,202 in April; 16% below its August 2007 peak.
