The annual rate of house price growth edged higher in April, after two consecutive months of decline, according to Nationwide. House prices rose by 2.6% in the year to April to reach an average price of £213,000, up from £211,625 in March. In monthly terms prices rose by 0.2%, after falls in March and February, and the annual rate of growth remains down from 4.9% in April 2016. The share of cash transactions has dipped slightly since the introduction of the additional stamp duty levy on second properties, while first-time buyer levels are back "broadly in line" with pre-crisis levels, Nationwide added. Robert Gardner, Nationwide’s chief economist, said subdued economic activity and the ongoing squeeze on household budgets meant the slowdown would continue.
Financial Times (27/04/2018)