UK House Prices Fall For First Time In 3 Months … RTT
UK House Prices Fall For First Time In 3 Months
UK house prices decreased for the first time in three months in April, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Tuesday.
House prices declined 3.1 percent in April from March, when they rose 1.6 percent, reflecting the volatility in the short term monthly measure.
Prices were forecast to fall marginally by 0.2 percent in April. This was the first decrease in three months.
On a yearly basis, house prices rose 2.2 percent in three months to April after increasing 2.7 percent in three months to March. Economists had forecast the annual rate to accelerate to 3.2 percent.
Quarter-on-quarter, house prices dropped 0.1 percent in three months to April.
“The UK labor market is performing strongly with unemployment continuing to fall and wage growth finally picking up,” Russell Galley, managing director, Halifax, said.
“These factors should help to ease pressure on household finances and as a result we expect annual price growth will remain in our forecast range 0-3 percent this year,” Galley added.
by RTTNews Staff Writer