House prices remained broadly stable in April as the average price fell by 0.1% month-on-month to £299,313, Halifax has revealed.

This follows a 0.5% drop in March.

Year-on-year, house prices in the UK jumped by 0.4%, following an increase of 0.8% in March.

Northern Ireland remained as the region with the highest annual house price growth, as prices increased by 7.6% year-on-year to £224,851.

Wales (£239,952) and Scotland (£222,448) also recorded increases of 0.7% and 4% respectively.

In England, the Northern regions saw stronger house price growth, with the North East recording an increase of 4.5% year-on-year to £183,445, while the average house price in the North West totalled £248,945, marking a 3.4% increase.

By contrast, house prices in the South East dropped by 2% year-on-year to £383,044, while the average house price in London dropped by 1.4% to £536,051.

Head of mortgages at Halifax, Amanda Bryden, 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.

"Even so, the housing market continues to display the resilience that has been its hallmark in recent years. While activity is likely to cool in the near term, the underlying picture remains one of relative stability, supported by wage growth that continues to outpace house price inflation."

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