UK house price growth accelerated in April, defying weaker sentiment and ongoing economic uncertainty.
Latest data from Nationwide shows annual house price growth rose to 3.0% in April, up from 2.2% in March.
On a monthly basis, prices increased by 0.4%, taking the average UK house price to £278,880.
The figures suggest continued resilience in the housing market, despite softer buyer demand and a more uncertain economic backdrop.
IMPROVED AFFORDABILITY
Recent surveys have pointed to a decline in new buyer enquiries, while consumer confidence has weakened amid rising energy costs and geopolitical tensions.
However, the market has been supported by relatively strong household finances, with lower debt levels and accumulated savings helping to underpin demand.
Affordability has also improved in recent years, driven by income growth and a period of easing mortgage rates, although borrowing costs have edged higher in recent months.
Swap rates, which influence fixed-rate mortgage pricing, remain below their 2023 peaks, limiting the impact on overall affordability.
RESILIENT MARKET
Robert Gardner, Chief Economist at Nationwide, says: “The housing market has continued to regain momentum following the slowdown recorded around the turn of the year.
“While indicators of consumer confidence have weakened, the market is being supported by the relative strength of household finances.”
He adds that the outlook will depend on how long current economic pressures persist but said the market has shown resilience in the face of recent shocks.
INDUSTRY REACTION
Nathan Emerson, CEO of Propertymark, says: “While the latest Nationwide House Price Index shows house prices continuing to edge upwards, this reflects a market still heavily influenced by constrained supply rather than a sharp surge in demand.
“Stock levels remain limited across many areas, meaning even modest levels of buyer activity can translate into upward pressure on prices.
“From a market perspective, this signals cautious but improving sentiment, rather than a renewed boom. Affordability remains a key constraint, with higher mortgage rates continuing to cap the pace of growth.
“As a result, the market appears to be stabilising in a low-growth environment, where structural supply issues are doing much of the heavy lifting on pricing.”
MORE CHOICE
Jason Tebb, President of OnTheMarket, says: “Despite the challenging economic backdrop, the housing market continues to demonstrate the resilience it has become known for.
“Average prices edged up slightly as focused buyers are price-sensitive and negotiating hard, while sellers realise that they will struggle to sell over-priced homes.
“Those who need to move are continuing to transact and will be buoyed by lenders trimming their mortgage rates in recent days. The Bank of England’s decision to hold interest rates for another month should also have a steadying effect on momentum in the market, suggesting stability and no need to panic.
“Increased stock, as sellers try to take advantage of what is usually a busier spring market, is giving buyers more choice than has been the case for a while and this should help keep prices in check.”
UNDERLYING STRENGTH
Marc von Grundherr, Director of Benham and Reeves, says: “Whilst house price growth has picked up to 3.0% annually, performance so far this year has remained relatively modest, which reflects a market that is moving forward, but without the urgency seen in previous years.
“However, this shouldn’t detract from the underlying strength of the market.
“Buyer demand remains present, transactions are completing and, with last week’s decision by the Bank of England to hold the base rate, many homebuyers will feel reassured when it comes to committing to a purchase.
“This should help to sustain a steady level of activity over the coming months.”
GLOBAL TURBULANCE
Verona Frankish, CEO of Yopa, says: “Despite the rate of monthly house price growth slowing, property values remain higher than both this time last month and when compared to this time last year.
“This highlights just how strong the UK property market is when you consider the wider economic landscape, not to mention global turbulence.
“It’s also important to remember that last year’s market was heavily influenced by the rush to secure stamp duty savings ahead of the end of March deadline and so what we’re seeing now isn’t weakness, but a return to more sustainable conditions.
“With mortgage rates trending in the right direction over the longer term, this should continue to support stability as the year progresses.”
STAGNATED MARKET
Chris Hodgkinson, Managing Director of House Buyer Bureau, says: “While house prices have edged up, the reality on the ground is that the market continues to stagnate.
“Buyer demand has cooled, sellers are sitting on the market for longer and we’re seeing more transactions fall through as uncertainty continues to weigh on sentiment.
“This disconnect between price growth and market activity highlights the fragile nature of current conditions and, without a meaningful improvement in affordability, it’s likely that this subdued level of performance will persist in the near term.”
UNCERTAINTY WORRIES
James Nightingall of property search service HomeFinder AI, says: “Buyer activity increased throughout the first quarter of 2026 but quieted down at the beginning of April.
“Some house hunters merely took a break to enjoy the Easter holidays but others ceased this opportunity to arrange viewings or put in an offer.
“Although buyer interest remains steady overall, the property market hasn’t seen the spike in activity usually associated with Spring as interest rates and geopolitical developments continue to fuel uncertainty.”
PRICE-SENSITIVE MARKET
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, says: “The underlying need to move remains strong and, for well-priced, high-quality homes, demand continues to hold up.
“In terms of pricing, the closer the asking price is to true market value, the greater the likelihood of securing a successful sale.
“Buyers are not stretching to make offers they don’t believe will be accepted – they are simply choosing alternative properties.
“In certain price brackets, buyers have the luxury of choice and vendors need to be mindful of this.
“While the wider economic backdrop may temper the pace of growth, we are seeing a more price-sensitive market where realism and accurate positioning are key.”
