May 1, 2024

UK house prices drop for second consecutive month

On an annual basis, the growth rate of house prices slowed to 0.6% from 1.6%, indicating a notable deceleration in the market's momentum.

Source: Pexels

Nationwide's chief economist, Robert Gardner, attributes this slowdown to persistent affordability challenges, exacerbated by the recent increase in long-term interest rates.

Source: Pexels

Despite mortgage approvals reaching their highest level since September 2022 in March, the unexpected dip in house prices suggests a delicate balance.

Source: Pexels