Average UK house prices fell this month after the rush to avoid an increase in stamp duty faded, according to lender Nationwide.
Prices fell by 0.6% in April, with the average price dropping to £270,752 from £271,316 a month earlier. It is the biggest monthly fall in almost two years.
Meanwhile, annual house price inflation fell to 3.4%, from 3.9% in March.
Robert Gardner, Nationwide’s chief economist, said this “softening” of price growth was down to the changes to stamp duty at the start of the month, which lowered the threshold for paying the tax.
“Early indications suggest there was a significant jump in transactions in March, with buyers bringing forward their purchases to avoid additional tax obligations,” he said.
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