BY OUR INTERNATIONAL BUREAU | LONDON: U.K. house prices dropped for the first time in five months in April as demand weakened after the end of a tax exemption on purchases for first-time buyers, Acadametrics Ltd. and LSL Property Services Plc (LSL) said.
UK house prices decline 1st time in 5 months
The average price of a home in England and Wales fell 0.2 percent from March to 220,668 pounds ($357,000), the groups said in an e-mailed report in London today. From a year earlier, values were down 0.7 percent.
The property market is struggling to recover as tight lending conditions, high unemployment and falling consumer confidence undermine demand.
Still, Bank of England policy makers halted their stimulus expansion yesterday as inflation risks outweighed concerns about an economy that has succumbed to its first double-dip recession since 1975.
For full story click here.