House price inflation eases in April

Annual house price inflation has slowed to its weakest level in more than a decade, according to figures from Halifax. The average house price in Britain is now 0.1% higher than a year ago, having fallen by 0.3% to £286,896 in April. The price drop recorded last month followed three successive months of increases. Annual house price inflation, which peaked at 12.5% last year, is now at the lowest rate since December 2012, when the average UK house was worth less than £167,000. Despite the fall, Halifax said the housing market was now “more stable” than it had been for some time. The lender said the gradual easing of mortgage rates in recent months had given “important certainty to would-be buyers". Kim Kinnaird, Halifax’s director of mortgages, said: “House price movements over recent months have largely mirrored the short-term volatility seen in borrowing costs".

The Times (09/05/2023)