April House Price Update
According to Nationwide, property prices fell for the 2nd month in a row as an average across the UK.
To be exact, house prices fell by 0.4% in April.
Reasons for this drop are thought to be contributed by:
- A squeeze on “real incomes” is now being felt
- The slowdown could be part of a larger downward trend, due to slower sales growth
- Households are under pressure due to higher inflation and a slower wage growth
It is also thought there is a shift towards first time buyers and remortgage customers, rather than home movers and buy-to-let landlords.
What is also interesting is that property transactions have been close to a consistent 100,000 annually for the past 3 years.