On a seasonally adjusted basis, prices declined by 0.4% in April according to Nationwide. It may not sound like a lot but Britain’s recent rampant property market means the drop represents the worst monthly decline since 2012.
Annual price growth is also weak. Average prices in April were 2.6% higher than the same month last year, the smallest annual increase since June 2013.
Robert Gardner, Nationwide’s Chief Economist, says in a statement: “In some respects, the softening in house price growth is surprising because the unemployment rate is near to a 40-year low, confidence is still relatively high and mortgage rates have fallen to new all-time lows in recent months.
“While monthly figures can be volatile, the recent softening in price growth may be a further indication that households are starting to react