House price growth slows for first time since 2023
The annual rate of house price growth has slowed for the first time since December 2023, according to the Office for National Statistics.
House prices increased by 3.5% in the 12 months to April, halving from 7% in March after stamp duty discounts were cut for some home buyers.
Tom Bill, head of UK residential research at Knight Frank said: "The UK housing market is still in recovery mode after the stamp duty cliff edge in April but prices are being kept firmly in check by an overhang of supply."
Justin Moy, managing director at mortgage brokers EHF Mortgages, added: "A slowdown was always on the cards given the efforts by most buyers to move before the stamp duty threshold changes.
"In isolation, it's hard to plot the next few months data, but when costs of moving home increase, and mortgage rates are also increasing a little in addition to unemployment also worsening, don't be surprised to see the market flat line soon."
In England, the average home now costs 拢286,000 - 3% more than the same time last year.
The North East had the highest house price inflation at 6.4% - although this was a significant slowdown from 15.3% in March.
Annual house price inflation was lowest in the South West, at 0.9%.
London was the only region where the house price annual inflation rate was higher in April (3.3%) than in March (0.9%).
You can see what the average house price is in your local area...
What's happening with rents?
The average rent in the UK has increased by 拢87 a month to 拢1,339 in the past year, ONS data shows.
London remains the most expensive place to rent privately, with the average price coming in at 拢2,249 a month.
The North East is the cheapest at 拢733 a month, but prices have increased the most here, by 9.7%.
Here's a look at how the rest of the country has fared...
"We expect the rate of rental inflation to slow in the coming months, which will be welcome news for renters," Richard Donnell, executive director of research at Zoopla, said.
"Rental inflation for those taking new tenancies are rising at their slowest rate for four years."