In an unexpected turn, UK house prices declined once more in April, as reported by mortgage lender Nationwide.
The data shows a 0.4 per cent decrease month-on-month, following a 0.2 per cent drop in March, contrary to the anticipated 0.2 per cent increase according to a Reuters poll. On an annual basis, house price growth decreased to 0.6 per cent from 1.6 per cent.
These statistics suggest a slowdown in the recent surge of housing market activity, characterised by a notable increase in mortgage approvals in March, reaching their peak level since September 2022.
“The slowdown likely reflects ongoing affordability pressures, with longer-term interest rates rising in recent months, reversing the steep fall seen around the turn of the year,” said Robert Gardner, chief economist at Nationwide.
“House prices are now around 4% below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects,” he said.
