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UK house prices stabilize after mini-budget fall: Nationwide

World

02-05-2023 | 10:13

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UK house prices stabilize after mini-budget fall: Nationwide

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British house prices rose by 0.5% in April after falling for the seven previous months, mortgage lender Nationwide said, adding to signs that the property market has stabilised after last year's "mini-budget" upheaval.

The average house price remained 4% below its peak in August last year which was before former Prime Minister Liz Truss and her finance minister Kwasi Kwarteng briefly sent debt markets into a tailspin by announcing a plan for big, unfunded tax cuts.

Compared with April last year, the average house price was down by 2.7%, Nationwide said.

Analysts polled by Reuters had expected prices to fall by 0.4% in month-on-month terms and by an annual 3.6%.

Robert Gardner, Nationwide's Chief Economist, said an expected sharp slowing of inflation later this year - combined with a recent improvement in consumer confidence surveys - could support a modest recovery in the housing market.

"But any upturn is likely to remain fairly pedestrian, as it will take time for household finances to recover," Gardner said, adding the rise in mortgage rates would also slow the recovery even if they were now below their levels after the mini-budget.

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