The decline, which is slightly less than the 1.9% monthly fall witnessed in March, has resulted in the average UK house price returning to April 2004 levels. On an annual basis, prices declined 17.7%.
Meanwhile the house price to earnings ratio, a key affordability measure, is at its lowest rate since September 2002 (4.14), at 4.26.
In addition, monthly repayments for the average mortgage borrower have fallen to 22% of average gross household income in March 2009, down from a peak of 26.9% in October last year. Also since October, borrowers with an average outstanding mortgage of £107,000 have seen monthly repayments fall by £111.
Martin Ellis (pictured), housing economist at Halifax, says: "Rising unemployment, low consumer confidence and the reduced availability of credit are all expected to exert downward pressure on the housing market over the next few months.
"As a result, further house price declines are likely."
Editors Note: So prices back to April 2004. Houses for sale in Norwich have declined in numbers - there feels a bit of a pinch in supply - this may keep price steady - if not up.
