House prices fall 1.4%: Halifax

House prices across the UK fell 1.4% in April as the "modest decline" continues, according to Halifax.

The fall in house prices last month followed no movement in March and mean the  average house price now stands at £160,395. However, this is down 3.7% on the same month last year, which is the biggest annual decline since October 2009. On a quarterly basis, prices fell 1.2%.

Average property prices remain 4% above the low reached in April 2009, but 20% off their August 2009 peak.

Martin Ellis, housing economist for Halifax, said: "The latest figures show that the underlying trend in house prices continues to be one of modest decline.

"Weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices."

However, he added: "Signs of a modest tightening in housing market conditions, a relatively low burden of servicing mortgage debt and an increase in the number of people in employment are all likely to be providing support for house prices, curbing the pace of decline.

"There are signs that house sales are stabilising albeit at a level lower than the historical average."