UK House Prices Rise For The First time In Seven Months

According to Nationwide Building Society, UK house prices rose in April by 0.5% after seven consecutive months of falling. Thomas Goodman at MyJobQuote.co.uk has all the details…

UK house prices have been falling each month since August last year. However, April has seen a rise in house prices, with a monthly growth of 0.5%.

With this growth, average house prices in the UK are now £260,441. This shows an increase of £3,319 when compared to the average house prices in March - £257,122.

Despite this growth, it’s important to keep in mind that monthly figures can be quite volatile. It’s better to look at the long term figures when estimating changes in the market.

When looking longer term, house prices are down by 4% below the peak in August last year and down by 2.7% annually.

Robert Gardner, Nationwide’s Chief Economist has said there could be a “modest recovery” in the housing market due to an expected sharp slowing of inflation this year and the recent improvement in consumer confidence surveys.

However, he warns that it will take time for household finances to recover. In addition, a rise in mortgage rates could slow the recovery.

It’s fair to say that it appears the housing market is on the up, but it’ll take time before we start to see any real improvements. 

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