UK house prices jump despite impact of Middle East conflict
Summary
UK house prices rose faster than expected in April, increasing by 3% compared to a year earlier. This rise happened despite worries about the Middle East conflict and higher energy costs, with the typical UK home now worth £278,880.Key Facts
- UK house prices grew by 3% in April compared to the same month last year, up from 2.2% in March.
- Prices increased for the fourth month in a row, with a 0.4% rise in April after 0.9% in March.
- Economists had expected prices to fall by 0.3% in April, but they rose instead.
- Nationwide, the UK's second-largest mortgage provider, provided the data based on its mortgage approvals.
- Consumer confidence has dropped to its lowest level since October 2023 amid economic worries.
- Mortgage lenders have reduced product options and increased rates since the Middle East conflict began.
- Household debt is at its lowest level compared to income in about 20 years, helping support the housing market.
- New Renters’ Rights Act started, banning no-fault evictions and limiting rent rises to protect tenants.
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