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Research by the lender has found that values dipped by a further 1.7 per cent last month, resulting in the annual decline increasing by 0.2 per cent to 17.7 per cent.
However, this is slightly less than the 1.9 per cent drop that was recorded in March.
The average UK property is now worth £154,716, over £33,00 less than it was valued at 12 months previously.
Marking Ellis, chief economist at Halifax, warned that the price decreases are likely to continue in the months to come.
"Rising unemployment, low consumer confidence and the reduced availability of credit are all expected to exert downward pressure on the housing market," he commented.
The findings follow those of Nationwide, which recently concluded that the average property was worth £151,861 in April, a drop of 0.4 per cent.
