Report: UK house prices down 1.7 pct in April.

(From AP Worldstream)

Byline: LARA JAKES

House prices in Britain fell by 1.7 percent in April and are likely to continue falling, the nation's biggest mortgage lender said Wednesday.

Year-on-year, house prices in April were 17.7 percent lower, according to Halifax. The UK average price of 154,511 pounds ($233,540) matches the level five years ago, the report said.

April's drop was a scant improvement on the 1.9 percent drop in March.

"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," said Halifax …