The most recent Halifax House Price Index shows that although UK home prices declined in April, the market is now more stable.

Following a +0.8% increase in March, the average house price fell by -0.3% in April, and the annual rate of house price growth dropped to +0.1% (from +1.6% in March).

Currently, the average UK home costs £286,896 (down from £287,891 in March).

According to the most recent data from Halifax, the market for first-time buyers is still strong despite rising rents. Additionally, it shows that the south of England is experiencing the most pressure on housing prices.

A average property currently costs £286,896, which is around £7,000 less than last summer’s peak but still about £28,000 more than two years ago, according to Kim Kinnaird, director of Halifax Mortgages.

“Over the past few months, changes in house prices have mostly matched the short-term volatility in borrowing costs. The significant price decline we observed at the end of last year following September’s “mini-budget” was preceded, Kinnaird continues, by something resembling a comeback in the first three months of this year as economic conditions improved.

According to IMMO co-founder Avinav Nigam, purchasers are somewhat relieved by the relative stabilisation of borrowing costs and inflation, even though housing prices are still little volatile month to month.

While this is encouraging for first-time buyers, there are still many renters in the UK who have few options for decent accommodation and no practical route to home ownership.

There is a rising demand for professional investors to put cash into the market, build new rental homes, and enhance the energy performance of existing housing, says Nigam. However, the housing market is clearly steady but inaccessible.

James Briggs, CEO of personal finance intermediary Together, states: “House prices paused in April, decreasing 0.3% over the prior month, after months of muted activity.

“Consumer confidence looks to be remaining low as lenders modify their offerings ahead of the Bank of England’s interest rate announcement this Thursday. Borrowers will be excitedly evaluating their options as spring progresses because home renovations are starting their popular, yearly resurrection.

“There are a variety of programmes available for first-time buyers, such as shared ownership or right-to-buy mortgages, to support that first step onto the property ladder,” he continues.

In order to get the financing required to fulfil their housing aspirations, borrowers should consider all available options, including those provided by specialised brokers and lenders that take into account their clients’ personal and financial situations while frequently being more flexible.