Nationwide said that prices had dropped for the second consecutive month, but it still expected them to rise over the year PA:Press AssociationHouse prices have dropped for the second month in a row and annual growth is the slowest in nearly four years, according to Nationwide Building Society. Robert Gardner, Nationwide’s chief economist, said the softening was surprising because the unemployment rate was close to a 40-year low; confidence was still reasonably high; and mortgage rates were at an all-time low. House prices dipped 0.4 per cent in April, after a 0.3 per cent decline in March. Year-on-year growth was 2.6 per cent, taking the average UK house price to £207,699. “While monthly figures can be volatile the recent softening in price growth may be a further indication that households are starting to react to the emerging squeeze on real incomes or to affordability pressures in key…

Source: The Times April 28, 2017 10:52 UTC