![]() ![]() Higher interest rates lift profits at banks…. ![]() Last month, Rightmove reported that asking prices were at record levels: However, in recent months industry data on mortgage applications point to signs of a pickup. “Recent Bank of England data suggests that housing market activity remained subdued in the opening months of 2023, with the number of mortgages approved for house purchase in February nearly 40% below the level prevailing a year ago, and around a third lower than pre-pandemic levels. ![]() Robert Gardner, Nationwide’s chief economist, reports there were “tentative signs of a recovery” in the market last month, although this still leaves prices 4% below their August 2022 peak. This has lifted the annual rate of house price growth to -2.7%, from -3.1% in March ( the biggest fall since 2009), as calm returned to the markets after the chaos of last autumn’s min-budget. The average price increased to £260,441, up from £257,122 in March. UK house price growth picked up in April, building society Nationwide reports this morning, with the first monthly increase in seven month.Īverage house prices rose by 0.5% last month, Nationwide’s data shows, following seven consecutive falls going back to last September. Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets. 07.19 BST Introduction: UK house prices rise in April after seven consecutive falls ![]()
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