The Office for National Statistics (ONS) revealed that British house prices experienced a 3.5% increase in the 12 months leading up to April, marking a slight slowdown from the 4.1% rise

recorded in March.

According to the ONS, London recorded the lowest annual growth rate, with prices in the capital rising by 2.4%.

Recent indicators of the UK housing market have highlighted the strain caused by higher mortgage rates, as persistently high consumer price inflation has prompted speculations about the Bank of England's plans to extend the duration of borrowing cost increases beyond initial expectations.

Earlier this month, Halifax, the country's largest mortgage lender, reported a year-on-year decline of 1.0% in house prices for May, marking the first annual decrease since 2012. Nationwide, a rival lender, recorded a more substantial drop of 3.4% in prices compared to the previous year, the largest decline since 2009.