Last updated: 1 May 2024 at 15:00
House prices fall month-on-month as major lenders increase rates.
After several of the biggest mortgage lenders raised rates last week, this week has seen even more follow suit. Nationwide, Santander and NatWest are just some of the major lenders to increase rates across a selection of their deals, and these recent changes have caused many of the leading mortgage rates to rise.
This news comes as house prices fell by 0.4% between March and April, according to data from Nationwide. It found that the annual rate of house price growth slowed to just 0.6% in April, compared to 1.6% in March, with the average home now costing £261,962.
“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,” commented Robert Gardner, Nationwide’s Chief Economist.
“House prices are now around 4% below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects,” he continued.
If you’ve decided now is the right time to move home, remortgage or join the property ladder, we provide more information on some of the lowest mortgage rates currently available. However, as the lowest rate may not always be the most effective choice for your needs and circumstances, we’ve also offered some alternative deals which feature on our Moneyfacts Best Buy chart based on their overall true cost.
Otherwise, for a complete overview of the mortgage market, visit our charts.
