Annual UK house prices up 0.6% in April

Annual house prices in the United Kingdom increased 0.6% in April, according to the Nationwide House Price Index released on Wednesday. The annual growth was lower than the 1.6% reported in March.

Month on month, the index declined by 0.4%, while the average house price in the country in April stood at £261,962, up from £261,142 recorded in the previous month.

“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. House prices are now around 4% below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects,” Nationwide’s chief economist, Robert Gardner, commented.