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Nationwide April 25 House Price Index "The small drop in April was inevitable given the rush to complete before the Stamp Duty change"

ended 30. April 2025

The annual rate of house price growth slowed to 3.4% in April, from 3.9% in March, while house prices fell 0.6% month-on-month this month, according to the Nationwide. 

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said “April saw a slowing in UK house price growth to 3.4%, from 3.9% in March. House prices fell by 0.6% month on month, after taking account of seasonal effects.

“The softening in house price growth was to be expected, given the changes to stamp duty at the start of the month. Early indications suggest there was a significant jump in transactions in March, with buyers bringing forward their purchases to avoid additional tax obligations.

“The market is likely to remain a little soft in the coming months, following the pattern typically observed following the end of stamp duty holidays. Nevertheless, activity is likely to pick up steadily as summer progresses, despite wider economic uncertainties in the global economy, since underlying conditions for potential home buyers in the UK remain supportive.

“Unemployment remains low, earnings are rising at a healthy pace in real terms (i.e. after accounting for inflation), household balance sheets are strong and borrowing costs are likely to moderate a little if Bank Rate is lowered further in the coming quarters as we and most other analysts expect. Indeed, swap rates (which underpin fixed rate mortgage pricing) have moderated in recent weeks.”

Newspage asked verified property market experts for their views, below.

5 responses from the Newspage community

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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
House prices dipped slightly in April after the March stamp duty rush, but annual growth remains firmly in positive territory at 3.4% — a clear sign of a healthy, resilient market. With low unemployment, rising wages and falling borrowing costs, we expect activity to pick up as summer approaches. The mortgage market is certainly playing ball on that front, with major lenders cutting rates by the day.
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Chris Barry
Director at Thomas Legal
The house price growth seen by the UK post-Covid is not sustainable so a reduction in growth last month is welcomed. We saw a reduction in new enquiries throughout April, which was expected due to the unseasonably inflated numbers between January and March caused by the stamp duty cliff edge. The spring market is still performing better than last year so those thinking of buying should consider doing so before more future growth impacts their ability to secure the home they want and the price they can afford.
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Justin Moy
Managing Director at EHF Mortgages
The small drop in April was inevitable given the rush to complete before the Stamp Duty changes, but still shows a relatively buoyant market. Market conditions overall remain good for buyers still looking for their ideal home as lenders consistently cut rates. Improved lender affordability and improving rates will help lift the housing market over the summer.
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Daniel Hobbs
CEO at New Leaf Distribution
Though a drop-off in house price growth was always on the cards due to the stamp duty cliff edge, demand for bricks and mortar has remained resilient overall. Many first-time buyers are still clambering to escape a rental market where prices are extortionately high and this looks set to continue. As the year progresses, affordability and the base rate will play a key role in demand. And with a rate cut expected next month, prices could start to rise again.
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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
In our experience, April was as busy as March or not far off. There is still a lot of demand and that is growing as lenders cut rates. There's a growing sense this could be a very active summer.