UK house prices inch higher

Property website Rightmove said April's small rise compared with a 0.9 percent annual gain in March and took the average asking price to 235,822 pounds from 231,790 pounds.

Asking prices on the month — a measure subject to seasonal volatility — rose by 1.7 percent in April, a bigger jump than the 0.8 percent seen in the previous month.

Estate agents recorded the biggest monthly leap in unsold stock since May 2007, rising to 74 properties for every branch from 70. That reinforced the message from other surveys that the British property market is stagnating and prices are likely to fall in the coming months.

Rightmove Director Miles Shipside said prices are likely to come under pressure because lending is tight, interest rates rises are expected this year and public spending cuts and tax hikes are starting to bite.

Source: Reuters