UK house prices unexpectedly dropped again in April, according to data from mortgage lender Nationwide.
House prices fell by 0.4 per cent month-on-month, following a 0.2 per cent decrease in March, contrary to expectations of a 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 figures indicate a moderation in the recent upturn in housing market activity, marked by a surge in mortgage approvals in March, reaching their highest 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.
(Reuters)
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