House prices entered the month of March with low expectations by housing experts and the month finished with just that, little movement. A similar result was expected for the month of April. House prices this month have bounced back and increased slightly in a correction which is forecasted for much of this year. House prices will likely bounce up and down with little growth, according to many housing experts. April posted a 0.2% increase in house prices compared with a 0.2% reduction in prices posted in the month of March.

Overall, house prices are expected to increase only slightly for the year, and so far the data is following the forecasted pattern of many housing authorities. Nationwide sees house prices for the year increasing 1%.

House price growth is directly tied to other factors within the economy. One of those factors is income and the ability of residents to afford housing which supports the market and aids in the inflation of house prices. Wage growth is expected to continue on the current trajectory and remain unchanged overall until the uncertainty surrounding Brexit becomes clearer.

An area of the housing market propping up most lending continues to be remortgage. With the possibility of an interest rate hike taking place next month currently residing at 50%, according to many housing experts, many lenders are struggling to keep up with the demand in remortgage applications along with all the other mortgage lending.

Robert Gardner of Nationwide commented on the latest data regarding the housing market, saying: "Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates."