UK house prices unexpectedly rose by 0.5% last month according to data from the Nationwide Building Society. The average UK house price in April was £260,441.
Robert Gardner, Nationwide's chief economist, said that recent data suggested housing market activity remained subdued in Q1 2023 but there were signs of a pickup in recent months. However, he warned any upturn was likely to remain slow, as household finances needed time to recover.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said the rise in prices owed a fair amount to renewed confidence that the horrors of inflation could be coming to an end, and that mortgage rates would continue to fall. However, she warned that while this could inspire hope among buyers, it could not secure certainty, and it was too early to call the bottom.
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