The Halifax says house prices have fallen for the second month in a row.
The lender says prices dipped by 0.1% in April, taking annual growth down to 0.4%.
Amanda Bryden, head of mortgages at Halifax, says: “After a strong start to the year, recent global developments have added a greater degree of uncertainty to the outlook.
“In particular, higher energy prices have fed into inflation expectations, prompting markets to reassess the path for interest rates – a shift that has already pushed up borrowing costs for many buyers.
“The housing market continues to display the resilience that has been its hallmark in recent years.
“While activity is likely to cool in the near term, the underlying picture remains one of relative stability, supported by wage growth that continues to outpace house price inflation.”
Meanwhile data released over the weekend shows house prices continuing to vary significantly by region and nation.
Broadly speaking, there’s stronger growth in the North and more subdued conditions in the South.
Northern Ireland still leads UK annual house price growth, with average prices up +7.6% over the past year to £224,851.
Scotland also recorded strong growth, rising +4.0% annually to an average price of £222,448.
Wales has seen property price growth continue to slow, now +0.7% on annual basis, taking the typical home value to £230,952.
In England, stronger price growth remains concentrated in northern regions.
The North East saw prices rise +4.5% over the year to £183,445, while the North West recorded annual growth of +3.4%, with the average home now costing £248,945.
By contrast, the southern markets continue to see prices fall.
The South East led declines, with prices down -2.0% year‑on‑year to £383,044, while London saw average values fall by -1.4% to £536,051.
This article is taken from Landlord Today