British House Prices Fall Unexpectedly in April: Mortgage Data Insights

In April, British house prices fell by 0.6%, contrary to predictions of stability, as a property transaction discount expired. House prices were still 3.4% higher than last year, although this was below the anticipated 4.1% increase. Nationwide's chief economist noted transaction timing affected by tax duty changes.

In a surprising turn, British house prices dipped by 0.6% in April, defying expectations of a flat reading, as reported by mortgage provider Nationwide on Wednesday.

This decline comes as a property transaction discount concluded, coinciding with a backdrop of a 3.4% hike from the previous year, though this remains shy of the predicted 4.1% increase.

According to Robert Gardner, Nationwide's chief economist, the reduction in house price growth was anticipated post the early April stamp duty adjustments, with preliminary data suggesting a sharp increase in March transactions as buyers rushed to avoid extra taxes.

(With inputs from agencies.)