According to Property Wire, average house price fell by 1.4%, analysts although expect a rise of 0.1% making the total price decline 3.7% more than the last year. The average property price now 20% below its peak in August 2007, is now 160,395 pounds. Halifax housing economist Martin Ellis said that underlying trend in house prices continues to be one of modest decline.
He explained that weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices.
Signs of a modest tightening in housing market conditions, a relatively low burden of servicing mortgage debt and an increase in the number of people in employment are all likely to be providing support for house prices, curbing the pace of decline. There are signs that house sales are stabilising albeit at a level lower than the historical average, he added.
The index prices are now to be seen declining steadily since the middle of last year. The lenders are also seen to become more active, as the signs show. The number of mortgages to improve finance also seen a shoot up, where as the number of sales successfully completed has also been subjected to rise. These measures were also pointed out by Halifax.
The number of mortgages approved to finance house purchase, a leading indicator of completed house sales, increased by 2% between February and March on a seasonally adjusted basis, according to Bank of England industry-wide figures. Approvals in 2011 quarter one were also 2% higher than in the fourth quarter of 2010, says a Halifax report.
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