Ekonomické zprávy

UK house price growth has slowed sharply this month

Data published by Rightmove showed that asking property prices rose less than usual for this time of year in April, indicating that property owners are cautious about price hikes.

According to the report, average asking prices increased by 0.2% in April, slowing down compared to March (+0.8%). The price increase also was less than the average (+1.2%) for this time of year. However, prices for smaller homes favored by first-time buyers hit a new record of 224,963 pounds.

In annual terms, average asking prices rose by 1.7% to 366,247 pounds, after increasing by 3% in March. The latest increase was the weakest since December 2019. Overall, the data pointed to a slow stagnation of the market, where a shortage of new properties for sale keeps prices high, despite a jump in mortgage rates and double-digit inflation.

Meanwhile, Rightmove said that transaction volumes have returned to approximately the level they were before the pandemic began.

While Nationwide's house price index pointed to the biggest drop since 2009, Rightmove's index points to a more stable picture. According to official data, in February average house prices increased by 5.5% per annum, but decreased compared to January.

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