UK Prices Rise by 1% in April

The price of an average UK home rose by 1% in April, the biggest increase since early summer, figures from the Nationwide show.

The UK’s biggest building society said the pickup in growth had occurred despite a slowdown in activity, which could have been caused by uncertainty over the election.

Nationwide’s monthly snapshot of the market, which is based on mortgages it has approved after valuation adjusted to reflect a typical home, showed the monthly rate of growth at its highest level since June 2014, pushing up the average price of a home to £193,048.

As a result, the annual rate of growth increased for the first time in seven months, rising to 5.2% from 5.1% in March. This compares with its recent peak of 11.8% in June.

In recent months, there has been a marked slowdown in activity in the housing market, with lenders and surveyors reporting falls in buyer numbers, despite a mortgage price war that has driven rates to record lows.

On Tuesday, the British Bankers’ Association said the number of mortgages offered by its members had increased in March but remained 14% lower than the previous year.

via The Guardian

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza