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UK house prices edge higher in April, says Nationwide

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After touching a seven-month low in March

House prices in Britain edged higher this month after touching a seven-month low in March, according to latest Nationwide House Price Index.

However, the lender has warned that future growth was heavily dependent on economic growth and interest rates.

Prices rose 0.2 percent on the month after a drop of 0.2 percent in March, also matching the median forecast in the poll.

House prices are rising much more slowly than before the 2016 referendum decision to take Britain out of the European Union, which hit consumer confidence and spending as the pound’s fall pushed up inflation.

“Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates,” Robert Gardner, Nationwide’s chief economist, said.

The Bank of England has said it expects to continue raising interest rates after making the first increase in over a decade in November. Investors see a roughly 50-50 chance of a hike in May.

 




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