House prices fell by more than £3,000 in April – more than most owners earned that month – Telegraph Blogs

House prices fell by more than £3,000 in April – more than most owners earned that month – Telegraph Blogs

House prices fell by 2.4pc in April, according to Halifax, Britain’s biggest mortgage lender, meaning many homes lost more than £3,000 of value – or more than owners on national average earnings got paid that month.
But Britain’s homeowners retain more than £5.6 trillion – or £5,600bn – wealth in bricks and mortar, with £1 trillion of that treasure in London alone and another £1.6 trillion elsewhere in the south east, , according to Britain’s biggest online estate agents PrimeLocation.com. By contrast, the property website calculates there is less than £163bn wealth in homes in Wales and £224bn in the north east of England.
Halifax did its best to put a bright gloss on news of further subsidence in house prices by pointing out that the national average just below £160,000 is marginally higher than it was three months ago. Martin Ellis, Halifax housing economist, said:
"Prices in the three months to April were 0.3pc higher than in the previous quarter, marking the first rise in this measure for seven months.