Halifax data shows April house prices fell marginally as borrowing costs rise amid shifting interest rate expectations.
UK house prices declined 0.1% month-on-month in April, matching expectations but easing from a 0.5% drop in March. The average property price stood at £299,313, down slightly from £299,609 in the prior period.
The modest decline reflects heightened caution among buyers due to rising borrowing costs and inflation concerns. Markets have reassessed interest rate paths amid higher energy prices linked to Middle East tensions, pushing mortgage rates upward. Despite this, wage growth continues to outpace house price inflation, supporting market stability.
While near-term activity may cool, the underlying trend remains resilient, with the market showing its typical strength in recent years.