Fall in house prices as mortgage costs increase

Business

Shifting expectations for UK interest rate cuts have contributed to a dip in house price growth, according to a closely watched measure.

Nationwide reported a 0.4% dip in average property costs last month compared with March, taking the annual rate of growth to 0.6% from 1.6%.

The lender’s report said the easing reflected “ongoing affordability pressures, with longer term interest rates rising in recent months, reversing the steep fall seen around the turn of the year”.

The cost of fixed rate deals has risen due to market expectations that a Bank of England interest rate cut is looking further away than had been anticipated at the start of the year.

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