UK House Prices Up 0.4% in April to £278,880 Record

UK house prices rose unexpectedly by 0.4 percent in April, pushing annual growth to 3.0 percent and lifting the average property value to a record 278,880 pounds, Nationwide Building Society reported Friday.

The increase marked the fourth consecutive monthly gain and exceeded economists' expectations of a 0.3 percent monthly decline. It followed a 0.9 percent rise in March, according to Nationwide data, signaling renewed momentum after a slowdown around the turn of the year. The figures defied pressures from the Middle East conflict, which has driven up energy prices, mortgage rates and eroded consumer confidence to its lowest level in over two years.

Robert Gardner, Nationwide's chief economist, attributed the resilience to robust household finances. "Despite the uncertainty caused by developments in the Middle East and the subsequent rise in energy prices, the UK housing market has continued to regain momentum," Gardner said. He noted that household debt stands at its lowest level relative to income in about two decades, bolstered by savings accumulated in recent years. Affordability has also improved as income growth has outpaced house price rises, with a prior decline in...