UK — The cost of a typical UK home fell by 0.1% in April to £299,313, Halifax said. The annual rate of house price growth slowed to 0.4% from 0.8%, following a 0.5% decline in March.

The April dip followed a 0.8% month-on-month rise in January and a 0.3% increase in February. In February, Halifax forecast annual house price growth of 1.2% for the year.

Amanda Bryden, head of mortgages at Halifax, said: "After a strong start to the year, recent global developments have added a greater degree of uncertainty to the outlook. In particular, higher energy prices have fed into inflation expectations, prompting markets to reassess the path for interest rates – a shift that has already pushed up borrowing costs for many buyers. This understandably leads to more caution among some households, with the cost of living once again front of mind and extra thought being given to planned property moves."

According to Moneyfacts, the average two-year fixed mortgage rate stood at 5.77% on Thursday, up from 4.83% at the start of March. The average five-year fixed rate mortgage was 5.69%, up from 4.95%.

Chris Hodgkinson, managing director of House Buyer Bureau, said: "The problem facing the market at the moment is that many sellers are still pricing based on expectation rather than current market reality and that's creating a growing disconnect between buyers and sellers. Whilst demand is still there, buyers are far more price sensitive in the current climate and homes that aren't positioned correctly from day one are simply sitting on the market for longer, forcing sellers into larger reductions further down the line."

Separate figures from Nationwide showed a different trend. Nationwide reported that house prices rose by 3% in April year-on-year, the fastest annual pace in 11 months, compared with 2.2% in March. The lender recorded a 0.4% monthly rise in April and a 0.9% monthly increase in March, marking four consecutive months of price increases. Nationwide said the typical UK property was worth £278,880 in April.