House prices fall as supply starts to outweigh demand

UK House prices fell 2.7% month-on-month in April, according to the Office for National Statistics (ONS). The average property value dropped by over £7,000, from £272,862 in March to £265,497 in April. Year-on-year, prices were up 3.5% in April compared to 7% in March. The ONS said the month-on-month drop came as taxes rose, with the stamp duty holiday for first-time buyers coming to an end on March 31. The average house price in London rose 2.6%, or 3.3% on an annual basis, to £566,814. In Tower Hamlets it was up 2.6% to £495,733, but fell 5.2% in Newham to £415,409.

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