House prices fell for a second month in a row as mortgage lenders put up race, according to a lender.

Property values dropped by 0.4pc between March and April, the Nationwide house price index showed, although prices remained 0.6pc higher than the same month last year.

The average home was worth £261,962.

Nationwide’s chief economist Robert Gardner said: “The slowdown likely reflects ongoing affordability pressures, with longer term interest rates rising in recent months, reversing the steep fall seen around the turn of the year. 

“House prices are now around 4pc below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects.”

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