UK house prices fall unexpectedly in April, Nationwide data shows

LONDON (Reuters) -British house prices fell unexpectedly for a second month running during April, figures from mortgage lender Nationwide showed on Wednesday.

House prices fell 0.4% month-on-month, after a 0.2% drop in March. A Reuters poll had pointed to a 0.2% increase.

In annual terms, house price growth cooled to 0.6% from 1.6%.

The figures pointed to some moderation in the recent recovery in housing market activity, which saw mortgage approvals rise in March to their highest level since September 2022.

"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," said Robert Gardner, chief economist at Nationwide.

"House prices are now around 4% below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects."

(Reporting by Andy Bruce; editing by Sarah Young and Paul Sandle)

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