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Halifax predicts a stagnant UK housing market

Halifax is advising homeowners of the stagnant UK housing market, announcing house prices have not moved at all throughout April.

Prices have remained stable since January, and the rate of house inflation fell to 7.8 per cent in April, the lowest for almost four years.

Halifax is predicting a period of broad stability due to a pick-up in transactions, with its estate agents seeing a rise in sales since the beginning of the year, with a seven-month high on mortgage approvals in March.

Research by the lender also finds wealth owned by private households increased by 12 per cent in 2004, due to rising house prices.

Halifax chief economist Martin Ellis says: The annual rate of house price inflation is now at its lowest since June 2001. It has fallen from 22.1 per cent last July and is expected to continue to fall over the coming months.

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