Property prices drop in April

News Category: Management

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Landlords looking to increase their property management portfolios may be encouraged to act now after the latest house price information was published by Nationwide Building Society.

According to financial services group, properties in the UK now cost an average of £151,861.

This equates to a 0.4 per cent drop on the level reported in March and comes after the building society's most recent figures suggested that prices were starting to head in an upward direction.

Indeed, March saw the cost of bricks and mortar in the country move up for the first time in nearly a year and a half.

Fionnuala Earley, Nationwide's chief economist, said there are a number of factors that may prompt people to purchase homes in the current climate.

"It is possible that the extended period of the higher [stamp duty] threshold will be more of an incentive for first-time buyers to enter the market now that affordability has improved due to falling interest rates and house prices," she said.

Experts have suggested that the Bank of England's monetary policy committee is likely to keep the base rate at 0.5 per cent for the rest of the year.

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