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THURSDAY 28TH APRIL 2005  APRIL HOUSE PRICES REBOUND 0.9% House prices in Britain rose in April after a sharp fall in the previous month but the annual rate of property price inflation slowed to its weakest in four years, the Nationwide building society said today. The price of the typical house increased by a seasonally adjusted 0.9% in April. This followed a fall of 0.6% in March, but continues the overall trend of a broadly flat path of price rises since the end of last year. The price of the typical property increased by £2,252 in April and now stands at £156,128. Fionnuala Earley, Nationwide's group economist, said, "Volatility in monthly house price changes is not unusual in the spring. Given the early Easter we believe that the traditional house hunting season may have moved forward slightly this year. The trend, however, continues to confirm our view of a gentle slowing in the market." Monthly house price inflation over the last three months has averaged 0.3% compared with 2% per month over the same three-month period a year earlier. The annual rate of house price growth also continued to slow in April, falling to 7% compared to 7.9% in March. "The latest figures seem to confirm our view that housing market activity, which slowed throughout the second half of last year, has now bottomed out," said Fionnuala Earley. "Estate agents have seen an increase in unsold stocks on their books as sellers have been reluctant to drop prices." "As sellers become more realistic about the path of price movements and buyers see a continuing flat trend in house price growth, we expect to see house purchase approvals increasing to around 92,000 in April. It is important however to put this return of buyers to the market in context. This level of activity, while increasing slightly on recent months, remains low and is comparable to that in 2000. It is substantially below the peak of 132,000 cases per month reached at the end of 2003." Confidence will be a big factor in how the market moves forward from here and this is driven predominantly by the general macroeconomic background and in particular news about interest rates and employment. Economic growth at around trend levels and continued strength in the labour market support continuing modest confidence in the market, but the outlook for interest rates is still uncertain.

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