Business Live with Ian King: Fall in house prices as mortgage costs increase

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Join Ian King as shifting expectations for UK interest rate cuts have contributed to a dip in house price growth, according to a closely watched measure, according to Nationwide.

Nationwide reported a 0.4% fall in average property costs last month compared with March, taking the annual rate of growth to 0.6% from 1.6%.

Economists polled by the Reuters news agency had expected month-on-month growth of 0.2%.

The lender's report said the easing reflected "ongoing affordability pressures, with longer term interest rates rising in recent months, reversing the steep fall seen around the turn of the year"

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