Shifting expectations for UK interest rate cuts have contributed to a dip in house price growth, according to a closely watched measure.
Nationwide reported a 0.4% fall in average property costs last month compared with March, taking the annual rate of growth to 0.6% from 1.6%.
The lender’s report said the easing reflected “ongoing affordability pressures, with longer term interest rates rising in recent months, reversing the steep fall seen around the turn of the year”.
The cost of fixed rate mortgage deals has risen due to market expectations that a Bank of England interest rate cut is looking further away than had been anticipated at the start of the year.
According to separate data from the financial information service Moneyfacts, the average two-year fixed residential mortgage rate is creeping back up towards the 6% mark for the first time since December.
It charted a figure of 5.9% on Monday – up from 5.87% seen last Friday.
The average five-year rate is nearing 5.5%.
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