UK House Prices Drop Again in April As Brexit Continues to Hit Buyers
The prices of UK houses fell for a consecutive month in a row in April as the Brexit continues to take its toll on family incomes. The continued uncertainty in the country is now putting strain on the property market with the average price of homes falling by 0.4{668284420e3c3e703f86693cee83f1c1285e9c7b8ecc41c13b37eea0ef4cf441} over the month to £207,699 – During March, the drop stood at 0.3{668284420e3c3e703f86693cee83f1c1285e9c7b8ecc41c13b37eea0ef4cf441}. This is the first time that prices have fallen two months on the run in almost five years, driving the annual rate of house price growth to 2.6{668284420e3c3e703f86693cee83f1c1285e9c7b8ecc41c13b37eea0ef4cf441} – the weakest it has been since June of 2013.
Nationwide’s chief economist, Robert Gardner described the decline as a reflection of the wider backdrop for buyer’s finances. All of which are coming under increasing strain from a mixture of weak wage growth and rising inflation. “While monthly figures can be volatile, the recent softening in price growth may be a further indication that households are starting to react to the emerging squeeze on real incomes or to affordability pressures in key parts of the country.”
Mr Gardener went on to say that the property market would continue to be unpredictable due to the up and coming general election and …