The latest research to be conducted by Nationwide has revealed that there was an increase in house prices across the UK last month, marking the first rise for eight months.
In its house price survey for the month, Nationwide found that there had been a 0.5% rise in prices over the course of April. While that still leaves the average price of a home at 4% below its height in the late summer of last year, it does give further fuel to the belief that the UK housing market is now recovering following the problems caused by the mini budget.
When looked at in comparison with the same month in 2022, average UK house prices were 2.7% lower last month. The head economist at Nationwide, Robert Gardner, has indicated that he thinks that inflation will slow down abruptly in the latter half of the year and that this could help – alongside rising confidence among buyers – to make the property market bounce back a bit.
According to Mortgage Strategy, he went on to say:
“But any upturn is likely to remain fairly pedestrian, as it will take time for household finances to recover.”
The ex-residential chairman of RICS, Jeremy Leaf, stated in response to the figures that they show house prices in the UK to be remaining reasonably steady even in the face of concerns about inflation and mortgage payments.
Mortgage advisors who have completed CeMAP courses will be encouraged by these figures and ongoing signs that the market is on the road to recovery.
