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

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