Overview

• Nationwide data shows UK house prices fell 0.6% in April, the steepest monthly decline since August 2023, bringing the average property value to £270,752.
• Annual house price growth slowed to 3.4% in April from 3.9% in March, reflecting reduced market momentum after stamp duty changes.
• March property transactions surged 104% year-on-year to 177,370 as buyers rushed to complete purchases before the April 1 stamp duty threshold reversion.
• The stamp duty nil-rate threshold returned to £125,000 for general buyers and £300,000 for first-time buyers, significantly raising upfront costs for many buyers.
• Economists anticipate a gradual market recovery over summer, supported by wage growth, low unemployment, mortgage rate cuts below 4%, and expected Bank of England rate reductions.