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UK House Prices Fall 0.6% in April Following Stamp Duty Changes

The fastest monthly decline in nearly two years reflects a post-deadline adjustment, with economists predicting a gradual recovery over the summer.

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Nationwide expects the housing market to remain soft in the coming months

Overview

  • Average UK house prices dropped by 0.6% in April, marking the sharpest monthly decline since mid-2023, according to Nationwide Building Society.
  • Annual house price growth slowed to 3.4% in April, down from 3.9% in March, bringing the average property value to £270,752.
  • The decline follows a rush in March transactions as buyers sought to avoid higher stamp duty rates that took effect on April 1.
  • Economists, including Nationwide’s Robert Gardner and Pantheon Macroeconomics’ Elliott Jordan-Doak, expect the market to remain soft in the short term but anticipate a rebound as summer approaches.
  • Underlying factors such as low unemployment, rising real incomes, and the potential for lower borrowing costs later in the year could support a recovery in housing activity.