Annual Growth Dips to 3.4% in April

The United Kingdom's housing market experienced a slowdown in April, with annual house price growth dropping to 3.4%, down from 3.9% in March, as reported by the Nationwide House Price Index.

Monthly Decline and Average Prices

Seasonally adjusted figures show a 0.6% decrease on a monthly basis, bringing the average house price to £270,752 in April.

Impact of Stamp Duty Changes

Robert Gardner, Nationwide's chief economist, attributes the softening in house price growth to the recent stamp duty adjustments. "The market's early response included a surge in March transactions, as buyers aimed to sidestep higher taxes," Gardner noted, predicting a "slightly soft" market in the near future.