UK house prices unexpectedly declined in April amid rising interest rates, Lloyds Bank subsidiary Halifax said Tuesday.
House prices decreased 0.3 percent on a monthly basis in April, in contrast to the 0.8 percent increase in March. This was the first fall in four months. Prices were forecast to rise 0.2 percent.
On a yearly basis, house prices gained only 0.1 percent. This followed a 1.6 percent rise in March, data showed.
A typical UK property costs GBP 286,896 compared to GBP 287,891 in March.
The cost of living crisis combined with the impact of higher interest rates gradually feeding through to those re-mortgaging their current fixed-rate deals, some further downward pressure on house prices is expected over course of this year, Halifax Mortgages Director Kim Kinnaird said.
