House prices drop 0.9 percent in April

House prices in England and Wales fell in April to stand slightly lower on a year ago, a survey showed on Monday, in a further sign that the housing market is cooling fast.

Housing researchers Hometrack said house prices were 0.9 percent down on the year in April, having posted a 0.4 percent annual gain in March and the weakest figure since January 2006.

That also compares with an annual rise of nearly 7 percent last April. Hometrack said house prices fell 0.6 percent during the month, the seventh straight month of declines.

"While the availability of finance is impacting on demand in certain segments, the reality is that weak confidence is effectively resulting in a 'buyers strike' with households sitting on the sidelines and waiting to see how events unfold," said Richard Donnell, Hometrack Director of Research.