–House Prices Down 2.4% m/m In Apr; Down 0.5% 3m y/y
LONDON (MNI) – UK house prices plunged on the month in April,
following the end of the stamp duty holiday, according to the latest
Halifax survey.
House prices were down 2.4% on the month to stand down 0.5% on the
year. While monthly moves have been volatile, the big picture emerging
from the raft of UK housing market surveys is one of near flat yearly
house price inflation and subdued activity.
On a quarterly basis, house prices were actually up 0.3% in April,
the first quarterly rise for seven months.
The expiry of the two year long stamp duty (property transaction
tax) holiday for first time buyers in March was cited by Halifax as a
factor fueling the monthly price moves.
“The ending of the stamp duty holiday for first time buyers …
appears to have boosted home sales early this year as buyers strove to
beat the deadline and has probably contributed to the volatility in
house prices in the last few months,” Martin Ellis, Halifax housing
economist said.
The rival Nationwide house price survey showed a fall of just 0.2%
on the month in April.
–London newsroom: 44207 862 7491; email drobinson@marketnews.com
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