UK Housing Prices Drop in April Following Tax Changes
British house prices fell by 0.6% in April, marking their largest monthly decline since August 2023, according to data released by mortgage lender Nationwide. This drop follows the end of a property transaction discount and exceeded economists' expectations. The decline represents the first fall since August last year and was more severe than anticipated. Economists polled by Reuters had predicted flat growth after March's stagnation. Annual house price growth also slowed to 3.4% in April, down from 3.9% in March and below the forecasted 4.1% increase. Nationwide's chief economist, Robert Gardner, attributed the softening growth to recent changes in property taxes. "Early indications suggest there was a significant jump in transactions in March, with buyers bringing forward their purchases to avoid additional tax obligations," he noted. On April 1, the UK government reduced the threshold at which homebuyers become eligible […]