House prices dive to two-year low in the UK

British house prices fell at their fastest annual rate for 18 months during April as weak consumer confidence caused potential buyers to stay away from the property market, figures showed today.

British house prices fell at their fastest annual rate for 18 months during April as weak consumer confidence caused potential buyers to stay away from the property market, figures showed today.

The average cost of a home dived by 1.4% during the month to stand at £160,395, the lowest level since April 2009, according to Halifax.

The latest slide led to property values being 3.7% lower during the three months to the end of April than during the same three months of the previous year – the biggest annual decline since October 2009.

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