House prices in the United Kingdom increased by edged up 0.1% in April year over year, it was revealed in Halifax's monthly House Price Index report, released on Tuesday. The annual house price growth was down from the March reading of 1.6%.
Compared to the previous month, house prices in the country fell 0.3% in April. The average house price came in at £286,896 in the reported month.
"Combined with the impact of higher interest rates gradually feeding through to those re-mortgaging their current fixed-rate deals, we should expect some further downward pressure on house prices over the course of this year," Kim Kinnaird, director at Halifax Mortgages, commented.
