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HBOS UK House Prices See Downside Surprise in April (Update) |
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European Economy |
Written by CEP News |
May 02 08 08:57 GMT |
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(CEP News) Frankfurt - On Friday, the Halifax Bank of Scotland (HBOS) announced that house prices in the UK, in seasonally adjusted terms, fell 1.3% in April on a monthly basis. Economists had expected a decline of 0.6% following the 2.5% fall registered in February.
Annually, house prices in April were 0.9% lower than a year earlier following March's increase of 1.1%. The consensus had called for a decline of 0.8%. "Price falls should be viewed in the context of the substantial price rises over recent years," HBOS chief economist Martin Ellis suggested. "UK prices nearly doubled 190% over the ten years to August 2007. A growing economy, high employment levels, low interest rates and a shortage of new homes underpin housing valuations." By Todd Wailoo,
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, edited by Nancy Girgis,
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