Nationwide reported a 0.4% decline in average property expenses last month compared with March, lowering the annual rate of rise to 0.6% from 1.6%.
The cost of fixed rate mortgage deals has risen due to market expectations that a Bank of England interest rate cut is looking further away than had been anticipated at the start of the year.
As per the most recent statistics available from Moneyfacts, a financial information organization, the average rate on a two-year fixed residential mortgage is rapidly approaching the 6% level that it was last measured in December.
On Monday, it showed a 5.9% figure, which was higher than the 5.87% recorded on Friday.
The average five-year rate is reaching 5.5%.
The rises are a reflection of lenders’ own rising borrowing costs.
