According to Halifax, a UK mortgage lender, British house prices in April increased by just 0.1% year-on-year, marking their smallest annual rise since December 2012.

In terms of monthly figures, prices fell by 0.3%, the first decline seen this year, following a 0.8% increase in March. Despite this, Halifax reported a sense of less volatility in the market during April. Other measures of the UK housing market have recently presented a more stable outlook after former Prime Minister Liz Truss's economic plans in September 2022 caused mortgage market turmoil.

Kim Kinnaird, Director of Mortgages at Halifax, said that the latest figures, alongside a market-wide increase in mortgage approvals, indicate a more stable environment. However, Kinnaird cautioned that households' cost-of-living concerns are still prevalent, which is likely to dampen sentiment and activity. She also expects some downward pressure on house prices throughout this year.