House prices fell by 2.5% in April according to the Halifax

The Halifax, the UK’s largest mortgage lender has said that house prices fell in April by nearly 2.5 percent. This means that many homes lost over £3000 in value. Halifax did try and sugar the news slightly by saying that the price of the average house in the UK is slightly higher, at just under £160,000, than it was three months ago.

The Halifax housing economist, Martin Ellis said that house prices in the three months to April were 0.3 percent higher than the previous quarter and that this was the first rise for seven months. He added that the monthly figures continue to fluctuate quite a bit and that they don’t expect much change overall while the economic situation remains unstable.

Britain’s largest online estate agents, Primelocation, say that homeowners in the UK hold more than £5.6 trillion of wealth in property. £1 trillion of this is in London and £1.6 trillion in the South East. The poorer areas are Wales with less than £163 billion of wealth in property and the North East with £224 billion. Primelocation say that Surrey properties hold the most value in the UK at £290 billion.

This means that Surrey holds over five percent of the country’s property wealth. Surrey also has the highest amount of property wealth per head at £225,000 each. A lot of the Southern counties such as Sussex, Dorset and Buckinghamshire, featured in the top ten of the wealthiest counties per head from property values.

In the rest of the country, Warwickshire was tenth on the list with property wealth of £145,000 per head and North Yorkshire was fifteenth with £127,000 per head. Nationally the average price of houses crept up last month but this probably has little meaning when regional prices fluctuate so much.