Nationwide, a UK mortgage lender, reported an unexpected gain in house prices in London between March and April, indicating that the housing market may be stabilising as the impact of recent interest rate hikes subsides.
Last month’s 0.5% price increase reversed the previous month’s 0.4% decline and was higher than expected.
Economists regard rates hike in London as tentative signs of a recovery
Nationwide’s chief economist, Robert Gardner, said that rising consumer confidence and a faster pace of mortgage approvals are “tentative signs of a recovery” in the housing market.
In April, home values dropped 2.7% from the previous year.
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