Housing market slows in April

The drop takes annual house price inflation back below 5% in April but Nationwide does not see this as a source of concern saying demand for property has remained stable. The average house price is in the UK now stands at £163,573 a rise of £7,500 compared to the same time last year. Fionuala Earley, group economist at Nationwide, says while the cooling of prices in April was to be expected given the surge in March. Earley adds while the number of purchase approvals fell back in sharply in February from 121,000 to 115,000 this is still a healthy level of activity and well above the ten yea...