House prices edged down by 0.2% in April

Nicholas Ayre of UK buying agents, Home Fusion, said: “Prices are feeling the full weight of consumer caution and economic uncertainty. The volatility we’re seeing from month to month is being caused by the lack of transactions. The property market is running on empty.

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House prices falling at fastest rate

Nicholas Ayre, a director of buying agents, Home Fusion, said:

“The difference between the Nationwide’s positive growth in February and the near one percent decline noted by the Halifax drives home the lack of direction in the housing market. There is huge uncertainty about where the market is now and where it is headed next.

“This kind of uncertainty around price direction hugely undermines buyer confidence.

“The trending down over three months does suggest the market overall is weakening. A 2% decrease overall during 2011 doesn’t seem too far off the mark but expect sharper falls in areas where unemployment is rising more sharply and some areas to prove far more resilient.

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