Key Facts

• UK house prices dropped by 0.6% in April.
• The average house price is £270,752, which is more expensive by 3.4% compared to the previous year.
• The price fall happened after changes to stamp duty laws, which now applies to properties over £125,000 instead of over £250,000.
• First-time home buyers now pay stamp duty for properties that cost more than £300,000. Before this change, they only paid if the property was above £425,000.
• The data is based on Nationwide's mortgage lending, and does not include cash purchases or buy-to-let deals.
• Experts expect the housing market to be slightly weak in the next few months, but anticipate a bounce back due to rising incomes and possible interest rate cuts.
• All big UK lenders are now offering fixed mortgage deals with an interest rate lower than 4%.
• There's increased availability of mortgages with a low deposit of 5% or 10%, which is the most since the 2008 financial crisis.