April’s bigger-than-expected 0.6% m/m fall in Nationwide house prices (consensus forecast 0.0% m/m, Capital Economics -0.1% m/m) isn’t too surprising as most of it probably reflects home purchases being brought forward ahead of stamp duty becoming more onerous from 1st April. This soft patch may run for a few more months. But we doubt much, if any, of it is due to the new US tariffs hitting confidence in the UK’s housing market.
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