London, 1 May 2024 – UK house prices fell for the second month in a row in April, surprising markets that had expected a return to growth. According to the latest report from Nationwide Building Society, one of the country’s biggest mortgage lenders, house prices fell by 0.4% in April compared with the previous month. Analysts had forecast a rise of 0.2%, which was the same rate of decline as in March.
Although year-on-year house prices are still rising, the pace of growth has slowed significantly. Prices rose by 1.6% in March, but this slowed to 0.6% in April, again below analysts’ expectations of 1.2%.
The average UK house price reached £261,962 in April. Robert Gardner, Nationwide’s chief economist, said that “after taking account of seasonal effects, UK house prices are now about 4% below their peak in the summer of 2022”.
Key points:
- UK house prices fell by 0.4% in April compared with March.
- Analysts had forecast a rise of 0.2%.
- Year-on-year house prices are still rising, but the pace of growth has slowed significantly.
- The average UK house price is £261,962.
- House prices are now about 4% below their peak in the summer of 2022.
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