UK house prices fell back after three months of growth and were unchanged from a year ago, according to new figures.
High street lender Halifax said prices declined 0.3% between March and April, which partially offset the 0.8% increase in the previous month.
A decline at the end of 2022 preceded “a rebound in the first quarter”, Kim Kinnaird, director at Halifax Mortgages, said.
Instant Info – Halifax UK House Price Index pic.twitter.com/EKMjb0DAtM
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A typical property costs £286,896, about £7,000 below last summer’s peak, but £28,000 higher than two years ago, Halifax said.
Kinnaird said: "Alongside a market-wide uptick in mortgage approvals, these latest figures may indicate a more steady environment.
"However, cost of living concerns remain real for many households, which will likely continue weigh on sentiment and activity.
"Combined with the impact of higher interest rates gradually feeding through to those re-mortgaging their current fixed-rate deals, we should expect some further downward pressure on house prices over course of this year,” she said.
The Halifax figures contrast with those from a Nationwide survey that showed a 0.5% rise.