House prices declined in April 2024, with affordability pressures persisting for potential buyers, as reported by Nationwide.
The UK’s largest building society reported a 0.4% decrease in house prices compared to the previous month. The average cost of a home now stands at £261,962, which is 4% lower than in the summer of 2022 peak.
According to the report, the increase in borrowing costs was a significant factor in the recent drop in prices.
In recent days a string of lenders raised rates on new fixed-rate mortgage deals.
The rise was driven by expectations that the Bank of England (BoE) would implement fewer and more gradual interest rate reductions.