UK April Nationwide house prices -0.4% vs +0.1% m/m expected

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• Prior -0.2%

The average price of dwellings in the UK rose to £261,962 in April – up from £261,142 in March. But that is before taking into account seasonal factors. After accounting for that, house prices are seen falling by 0.4% instead. Nationwide notes that “the slowdown likely reflects ongoing affordability pressures, with longer term interest rates rising in recent months, reversing the steep fall seen around the turn of the year”.