House Prices Rise 3.8% Year on Year

Despite the fact that house prices (year on year) have increased by 3.8%, the Halifax has released figures that show that house prices are "stagnating" and have actually fallen in the last three months.

As per the BBC in the three months to April, prices fell by 0.2% - the first quarterly fall since November 2012.

However, for the year to April, prices rose by 3.8%, the same figure as in March. The average cost of a house or flat at £219,649.

It seems that the reason for the "stagnation" is the fact that prices (when compared to salaries and mortgages) are hitting the ceiling of affordability.