UK annual house price growth accelerates to 3.0% in April - Nationwide

(Alliance News) - UK house price growth strengthened in April, with annual gains accelerating despite rising economic uncertainty linked to the Middle East conflict, data from Nationwide Building Society showed on Friday.

Annual house price growth picked up to 3.0% in April, from 2.2% in March. The FXStreet-cited consensus had pencilled in another 2.2% rise.

On a monthly basis, prices rose 0.4%, slowing from a 0.9% increase in March. It was however much to the contrary of an expected 0.3% dip, according to FXStreet.

The average UK house price stood at GBP278,880 in April, up from GBP277,186 the previous month.

Nationwide said the housing market has continued to regain momentum following a slowdown at the turn of the year, even as broader economic indicators have weakened.

"Despite the uncertainty caused by developments in the Middle East and the subsequent rise in energy prices, the UK housing market has continued to regain momentum," said Robert Gardner, chief economist at Nationwide.

Housing market-specific indicators have also softened. The Royal Institution of Chartered Surveyors reported a sharp fall in new buyer enquiries in March, with its index dropping to the weakest level since 2023, reflecting the impact of higher borrowing costs.

Nationwide said household debt remains relatively low compared to income, while savings buffers built up in recent years continue to provide support, albeit unevenly distributed.

By Eva Castanedo, Alliance News reporter

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