02:00 ET<\/span><\/span><\/p>\nUK house prices fell by 0.2% in April compared with March but values are showing little momentum in either direction, according to the Nationwide.<\/p>\n
The building society said property values had fallen in three of the last six months and risen in three, because prices were “static”.<\/p>\n
The average home cost 1.3% less in April than the same month a year ago.<\/p>\n
A typical home cost \u00a3165,609, and the building society said a strong rebound in prices was “unlikely” in 2011.<\/p>\n
Robert Gardner, Nationwide’s chief economist, said it was not unusual to see a pattern of modest increases and decreases in house prices when the market was fairly static, as it had been since last summer.<\/p>\n
“A strong rebound in the market remains unlikely as the recovery is still expected to remain modest by historic standards,” Mr Gardner said.<\/p>\n
“In our view, the most likely outcome is that house prices will continue to move sideways or drift modestly lower through 2011.”<\/p>\n
The three-month on three-month comparison showed that prices rose by 0.6% in the three months to April compared with the previous quarter, Nationwide said.<\/p>\n<\/div>\n
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