Nationwide’s latest house price report found annual house price growth fell back below 5% during April, with inflation slowing to 0.1%, from 1.1% in March.

According to the results, the typical house price in the UK now stands at £163,573 – almost £7,500 more than this time last year. This is the equivalent to an increase of £20 per day over the last 12 months, according to the building society.

Demand remains fairly resilient in the housing market and while house purchase approvals fell back in February, from 121,000 to 115,000, this remains at a buoyant level of activity and well above the 10 year average of 100,000 per month, the report said.

“Looking forward, we continue to expect some month-to-month volatility in the house price numbers as the market settles down after the unseasonably strong winter months and adjusts to the economic conditions the horizon,” Fionnuala Earley, Nationwide’s group economist, commented.