As predicted, the value of UK property fell last month.

The reason was the highly inflated figure for March after would-be buyers rushed to make the most of the Stamp Duty discounts in England and Northern Ireland.

The Nationwide put the average property at £270,752 for April. That was a drop of 0.6% on March’s figure. It brought the year-on-year price increase down from 3.9% in March to 3.4% for April. 

Possibility of more Bank of England base rate cuts 

That hasn’t put analysts off predicting a busy summer though, especially with the possibility of several Bank of England base rate falls this year. The 0.25 drop yesterday, bringing the current figure to 4.25%, is certainly encouraging. That’s because the likelihood is that it bring down mortgage interest rates, ensuring property is more affordable for a larger part of the population.

And, even though the economic situation looks uncertain in America, inflation in the UK dropped to 2.6% in March. The employment situation is stable and wages are rising, putting more money in people’s pockets.

Confidence in property market growing says Rightmove

Rightmove figures, published today, certainly seem to indicate a flourishing property market. New listings on the portal had increased by 9% compared to the same time the previous year. Sales, too, were up, this time by 7%. In fact, listings have been at a 10-year high since April this year. 

When there’s help from the Bank of Mum and Dad

Meanwhile, a report by UK Finance revealed first time buyers who got help from family managed to put down deposits of around £225,000. Those who were ‘unassisted’ put down a lower amount of around £150,000. 

First time buyers who were helped by family tended to buy at around age 30 and had a household income of approximately £56,000. This compared to age 32, with a household income of £65,000 for the other group.