LONDON: UK house prices rose in annual terms by just 0.1% in April, their smallest year-on-year increase since December 2012, mortgage lender Halifax said on Tuesday.
Prices fell by 0.3% in month-on-month terms, the first drop this year, after a 0.8% increase in March.
Despite the weakness in the market last month, Halifax said it sensed less volatility.
Other gauges of the housing market have shown a more stable picture in recent months after the economic plans of former prime minister Liz Truss announced in September triggered turmoil in the mortgage market.
“Alongside a market-wide uptick in mortgage approvals, these latest figures may indicate a more steady environment,” Kim Kinnaird, director of mortgages at Halifax, said.
“However, cost of living concerns remain real for many households, which will likely continue (to) weigh on sentiment and activity,” Kinnaird said, adding that some downward pressure on house prices should be expected over this year.
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