UK house prices fall in April to £299,313 amid uncertainty
UK house prices dropped for the second month in a row this April, with the average home now costing £299,313.
Economic uncertainty, especially from the Middle East conflict, has slowed price growth to just 0.4% for the year, way down from earlier predictions.
Energy and mortgage costs deter buyers
Rising energy bills and higher borrowing costs are making buyers think twice, says Amanda Bryden from Halifax:
Higher energy prices, inflation expectations and more caution among some households.
Mortgage rates have jumped too, with two-year fixed deals now at 5.77%, up from 4.83% in March.
Many homes are staying unsold as sellers hold out for higher prices while buyers wait for better deals.
Interestingly, Nationwide's data shows a slight price rise, highlighting just how mixed things are right now.