House prices may have hit bottom of market

Published ¤ 03/06/2009

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House prices fell by the smallest monthly amount in almost a year in April, down by 0.3 per cent to an average of £152,898, according to official figures published on Monday.

The latest data from the Land Registry offers further evidence that the housing market has begun to stabilise and comes days after Nationwide published figures that showed the price of properties bought by its mortgage customers had risen by 1.2 per cent in May. Separate data from Hometrack, using valuations from surveyors, found that prices stayed the same last month. The Land Registry's April figures brought the annual decline up from a record low of 16.5 per cent from February 2008 to February 2009, to 16.2 per cent in April.

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