IPD has released the results for its UK Monthly Property Index for April 2008. The Index saw a total return of -0.5% m/m in April 2008, a very slight improvement on the -0.8% m/m return seen in March and continuing the upward trend since the -3.7% return seen in December 2007. Capital values fell by 1.0% in April after a 1.3% fall in March and a 1.5% fall in February. On an annual basis however, All Property total returns hit a record low of -11.7% y/y in April, down from -10.7% in March.
Malcolm Frodsham, IPD Research Director, said: "For those investors who thought we had reached the bottom in the first quarter of 2008, these numbers will be unsettling at best. Flat rents over the month raise the spectre of a double-dip."
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