Property market: House prices expected to remain flat

House prices remained broadly unchanged during April as the imbalance between supply and demand continued to ease.

The average cost of a UK home fell by 0.1 per cent during the month to stand at 168,202, according to Halifax.

The group said it expected house prices to be flat over 2010 as a whole, as the strong increases seen during 2009 tempted more people to put their homes on the market.

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Martin Ellis, Halifax housing economist, said: "New sales instructions have risen, helping to push up the stock of unsold properties in recent months."

But despite house prices remaining flat during April, the annual rate of growth still increased to a two-and-a-half-year high. Property values were 6.6 per cent higher during the three months to the end of April than the same period a year earlier, the highest since October 2007.

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