UK house prices unexpectedly dropped in April: Nationwide data

UK 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

• Vivek Mishra
• 02 May, 2024

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By: Vivek Mishra

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)