The pace of annual house price growth across the UK slowed to 12.1% in April, according to the latest Nationwide House Price Index.

This figure is down from the 14.3% that Nationwide reported in March, but was the eleventh time in the past 12 months that the annual growth rate has been in double digits.

House prices climbed by 0.3% month-on-month, after taking account of seasonal effects, which was the ninth successive monthly increase. However, Nationwide did highlight that this was the smallest monthly gain since September last year.

The figures take the latest average price of a home in the UK to £267,620.

Nationwide chief economist, Robert Gardner, commented: “Housing market activity “remained solid” in April, with mortgage approvals continuing to run above pre-COVID levels.

“Demand is being supported by robust labour market conditions, where employment growth has remained strong and the unemployment rate has fallen back to pre-pandemic lows,” Gardner said. “With the stock of homes on the market still low, this has translated into continued upward pressure on house prices.

“Nevertheless, it is surprising that conditions have remained so buoyant, given mounting pressure on household budgets which has severely dented consumer confidence.

“Consumers’ expectations of their own personal finances over the next 12 months has dropped to levels last seen during the depths of the global financial crisis more than a decade ago.

“Moreover, housing affordability has deteriorated because house price growth has been outstripping income growth by a wide margin over the past two years, while more recently borrowing costs have increased – though they remain low by historic standards.”

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