Homes now cheaper than a year ago

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The average value of a home in England and Wales fell by 0.6% during the month to stand at £173,100, with price drops recorded in 51% of postcodes, according to house-price information group Hometrack.

The latest falls helped tip the annual rate of growth into negative territory, with homes now costing an average of 0.9% less than they did in April 2007.

At the same time there was a fall in both the number of new buyers registering with estate agents and the number of sales agreed.

Homes are now taking an average of nine weeks to sell, compared with just six weeks a year ago, as unrealistically priced properties remain on the market.

Those who do manage to sell their home are having to accept an average of 92.7% of their asking price, the lowest level since January 2005.

The figures add to a recent spate of gloomy news on the property market, with Halifax saying house prices fell by 2.5% during March, their biggest monthly fall since 1992.

Data from the British Bankers' Association also recently showed that mortgage approvals for house purchase had dived by 46% during March compared with the same month of 2007.

The housing market has been coming under increasing pressure in recent months due to a combination of stretched affordability and the problems in the mortgage market, caused by the credit crunch.