India, May 1 -- UK house prices declined unexpectedly in April, reflecting affordability pressures amid rising longer term interest rates, data published by the Nationwide Building Society revealed on Wednesday.
House prices posted a monthly decline of 0.4 percent after easing 0.2 percent in March. Prices were expected to climb 0.1 percent.
On a yearly basis, house price growth eased more-than-expected to 0.6 percent from 1.6 percent in March. Prices were forecast to rise 1.2 percent.
"The slowdown likely reflects ongoing affordability pressures, with longer term interest rates rising in recent months, reversing the steep fall seen around the turn of the year," Nationwide Chief Economist Robert Gardner said.
Gardner said house prices we...