The price of a typical UK home increased by precisely 1.0 per cent in April - the largest monthly increase since June 2014, according to the Nationwide.
As a result, the annual pace of house price growth increased for the first time in seven months, edging up to 5.2 per cent from 5.1 per cent a month earlier.
“The pick-up in price growth has occurred even though the pace of activity in the housing market has remained fairly subdued in recent months. Indeed, the number of mortgage approvals is still well below its long run average and 20 per cent below the levels recorded in early 2014” according to Robert Gardner, Nationwide’s chief economist.
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