UK House Prices Sustain Double-Digit Growth in April

Source: Nationwide Building Society

House prices in the United Kingdom continued to post double-digit annual growth in April, albeit at a slower pace than seen in the previous month. IUKP is up 0.74%, while XHB is up 0.36%.

• The annual house price growth stood at 12.1% in April, slower than the 14.3% increase recorded in the previous month. 
• The latest reading is the 11th month in the past year that the annual growth was in double digits.
• The monthly change also showed a deceleration, down to 0.3% from 1.1% in March 2022.
• The monthly index increased to 531.0 from 529.3 the previous month, while the average price jumped to £267,620 from £265,312.
• Nationwide Chief Economist Robert Gardner said demand continues to be supported by robust labor market conditions while the inventory remains low.
• Affordability has declined due to the price growth outpacing income growth by a “wide margin” in the past two years while borrowing costs increased.