Nationwide: UK house prices rise 1% in April

Largest monthly rise since June 2014.

The price of a typical home in the UK rose by 1% between March and April, according to the latest figures from the Nationwide House Price Index.

The index shows the average price of a UK home has risen from £189,454 to £193,048.

It’s the largest monthly increase seen since June 2014 and has resulted in the first rise in the pace of annual house price growth for seven months, edging up from 5.1% to 5.2%.

House price growth

Here’s how prices have changed over the past 12 months, according to the Nationwide House Price Index.

	Monthly change % (seasonally adjusted)	Annual % change	Average house price
April 2014	1.2%	10.9%	£183,577
May 2014	0.7%	11.1%	£186,512
June 2014	1.0%	11.8%	£188,903
July 2014	0.2%	10.6%	£188,949
August 2014	0.8%	11.0%	£189,306
September 2014	-0.1%	9.4%	£188,374
October 2014	0.6%	9.0%	£189,333
November 2014	0.3%	8.5%	£189,388
December 2014	0.2%	7.2%	£188,559
January 2015	0.3%	6.8%	£188,446
February 2015	-0.1%	5.7%	£187,964
March 2015	0.1%	5.1%	£189,454
April 2015	1.0%	5.2%	£193,048

Source: Nationwide

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What’s behind the rise?

Nationwide says the shift is surprising as the pace of activity in the housing market has remained fairly subdued.

The number of mortgage approvals for example is still well below the long running average and 20% below the levels recorded in early 2014.

Nationwide’s Chief Economist Robert Gardner said it’s possible the uncertainty ahead of the general election may be weighing on activity, though there’s no evidence from previous UK elections to suggest a strong impact.

He says healthy labour market conditions and continued low mortgage rates should help strengthen housing demand going forward.

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