House prices rise by 0.5% in April

House prices rose by 0.5% in April after seven months of decline, according to Nationwide building society. The modest increase took the average price of a home to £260,441 last month, up from £257,122 in March, but still 4% below their August peak. Compared with April last year, prices were down 2.7%, after a 3.1% annual decline in March. Robert Gardner, the Nationwide chief economist, said the latest figures suggested there were “tentative signs of a recovery”. He said that according to Bank of England data, the number of mortgages approved for house purchase in February was almost 40% below the level a year earlier, and about a third lower than pre-pandemic levels. However, in recent months industry data on mortgage applications point to signs of a pickup. He added: “This chimes with recent shifts in consumer sentiment. While confidence remains subdued by historic standards, people's views of their own financial position over the next 12 months, and general economic conditions in the year ahead, have both improved markedly in recent months". 

Financial Times (02/05/2023)   The Daily Telegraph (02/05/2023)   The Times (02/05/2023)