03:24 ET<\/span><\/span><\/p>\nWeak household confidence led UK house prices to fall by 1.4% in April compared with March, the Halifax has said.<\/p>\n
The lender, now part of Lloyds Banking Group, said the latest figures showed that property values were continuing a trend of “modest decline”.<\/p>\n
Prices fell by 3.7% compared with a year ago, with the average home now costing \u00a3160,395.<\/p>\n
In the three months to April, prices were 1.2% down on the previous quarter.<\/p>\n
“Weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices,” said Martin Ellis, Halifax housing economist.<\/p>\n
“The latest figures show that the underlying trend in house prices continues to be one of modest decline.”<\/p>\n
However, he said low mortgage rates and an increase in the number of people with jobs were likely to curb the pace of house price decline.<\/p>\n
“There are signs that house sales are stabilising albeit at a level lower than the historical average,” he added.<\/p>\n<\/div>\n
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