UK house prices were virtually flat in April, with Halifax reporting a 0.1% monthly dip to an average of £299,313. Annual growth also slowed, easing from 0.8% in March to just 0.4%, a sign that the market is treading carefully.
Amanda Bryden, head of mortgages at Halifax, said global developments and rising energy prices have clouded the outlook for interest rates, prompting some buyers to think twice before making a move.
That said, she struck a reassuring note: "The housing market continues to display the resilience that has been its hallmark in recent years. While activity is likely to cool in the near term, the underlying picture remains one of relative stability, supported by wage growth that continues to outpace house price inflation."
Foxtons CEO Guy Gittins wasn't losing any sleep over the numbers either, saying: "A very marginal monthly dip in house prices is unlikely to cause concern and reflects the more measured pace of the market seen so far this year, particularly against the heightened turbulence of the wider economic backdrop."
Not everyone is quite so relaxed, though. Chris Hodgkinson, managing director of House Buyer Bureau, pointed to a growing tension between what sellers want and what buyers are prepared to pay.
"Many sellers are still pricing based on expectation rather than current market reality," he said, warning that homes not priced correctly from the outset are "simply sitting on the market for longer, forcing sellers into larger reductions further down the line."
The regional picture remained divided. Northern Ireland led the way with annual growth of 7.6%, while Scotland was up 4.0%. In England, the North East gained 4.5% and the North West 3.4%.
London and the South East continued to struggle, falling 1.4% and 2.0% respectively. First-time buyers saw the average price they paid slip slightly to £238,908, the lowest level so far this year.