Contents
NAC Weekly No. 08: London House Prices Fall 3.3% in a Year
London house prices fall 3.3% in a year, 30 Vietnamese banks cut deposit rates and Brent returns to USD 105 as Hormuz all but closes. Four stories.
London house prices fell 3.3% in the 12 months to February, while UK inflation rose to 3.3% in March on dearer fuel. In Vietnam, 30 banks have cut deposit rates, leaving 12-month deposits mostly at 5.3–7.3%. Brent crude climbed back to around USD 105 a barrel as the Strait of Hormuz all but closed again, and Turkey held its policy rate at 37%.
Market pulse, week of 20–26/4/2026
Source: ONS (22 Apr); Dân trí (20 Apr); VBMA (24 Apr); Central Bank of the Republic of Türkiye (22 Apr)
Signals this week
Source: NAC, compiled from the sources in this issue
🇬🇧 UK · London house prices fall 3.3% in a year
▼−3.3%London house prices in the 12 months to February 2026; the UK as a whole still rose 1.2%ONS, 22 AprPhoto: Ricardalovesmonuments, Wikimedia Commons, CC BY-SA 4.0
The Office for National Statistics reported on 22 April that the average UK house price was £268,000 in February, up 1.2% on a year earlier, but London prices fell 3.3%. Private rents still rose 3.4% to £1,377 a month. The same day, the ONS said inflation rose to 3.3% in March from 3%, driven by motor fuel prices, up 4.9% on a year earlier.
For Vietnamese investors: with London purchase prices falling and rents still rising, the yield for a buyer today edges up. Per NAC's listing data, Fulham Reach Palmer House in west London starts at £576,000, with completion anticipated in Q2 2026 and an estimated gross yield of 5.2%; The Halo at Oval Village starts at £685,000, with an estimated 5.5%.
🇻🇳 Vietnam · 30 banks cut deposit rates
▼30commercial banks that have cut deposit rates since meeting the State Bank of Vietnam on 9 AprilDân trí, 20 AprPhoto: Donald Trung, Wikimedia Commons, CC BY-SA 4.0
Dân trí reported on 20 April that 30 commercial banks have lowered deposit rates, following commitments made at a meeting with the State Bank of Vietnam on 9 April. One- to three-month deposits at the big state lenders now pay 4.5–4.75% a year, and 12-month rates mostly 5.3–7.3%. Outstanding credit topped VND 19.18 quadrillion at the end of March, more than 3% above the end of 2025.
For Vietnamese investors: deposit rates are falling while the IMF expects inflation of about 4.9% this year, so the real return on savings is getting thinner. Per NAC's listing data, the estimated gross rental yield at Grand Marina Saigon is about 5.8%, level with many banks' 12-month deposit rates.
🇹🇷 Turkey · The central bank holds at 37% for a second meeting
●37%one-week repo policy rate, unchanged; overnight lending 40%, borrowing 35.5%CBRT, 22 AprPhoto: Vikiçizer, Wikimedia Commons, CC BY-SA 3.0
On 22 April the Central Bank of the Republic of Türkiye kept its policy rate at 37%. It said the underlying trend of inflation fell in March, but leading indicators point to a slight rise in April, and energy prices remain high and volatile. The bank said it will tighten if the inflation outlook deteriorates significantly.
For Vietnamese investors: the IMF expects Turkish inflation of 28.6% in 2026. The citizenship threshold is set in dollars, from USD 400,000, so lira inflation does not erode the capital invested; rent collected in lira, however, has to be converted when you work out the yield. Referans Residence in Istanbul is complete and starts at USD 400,000.
🌐 Strait of Hormuz · Nearly closed again, and Brent climbs back to USD 105
▲USD 105Brent crude per barrel on 24 April, about 18% above the 17 April close (calculated by NAC)VBMA weekly report, 24 AprPhoto: H-Karimi, Wikimedia Commons, CC BY 3.0
According to the VBMA weekly report, the Strait of Hormuz was almost completely closed as the US–Iran conflict entered its ninth week, a week after Iran had declared it open. WTI traded around USD 95–96 and Brent around USD 105–107 a barrel. On 24 April WTI slipped more than 1% to USD 94.40 after the US confirmed a second round of talks with Iran in Pakistan, while Brent held at USD 105.33.
For Vietnamese investors: a reversal in oil within days shows the Gulf risk has not passed. Buyers looking at Dubai should favour projects close to handover and flexible payment plans. At home, the central rate rose 11 dong over the week to VND 25,113 per dollar.
Next week
Source: Fed, Bank of England, ECB (via Banco de España) and Eurostat calendars; Vietnam Labour Code 2019; Lusa via ECO
NAC strategic insight
London prices falling while rents keep rising gives buyers more bargaining power, especially on homes close to handover. At home, falling deposit rates make it worth re-running the comparison between savings and rental property abroad. If you'd like to know which option suits your family, book a consultation with NAC.
Related on NAC
Fulham Reach Palmer House · Oval Village The Halo · Grand Marina Saigon · Referans Residence Istanbul · The NAC Residence Index
Sources
- ONS — Private rent and house prices, UK: April 2026 (22 Apr 2026)
- ONS — Consumer price inflation, UK: March 2026 (22 Apr 2026)
- Dân trí (DTiNews) — Deposit rates fall as 30 banks cut interest rates (20 Apr 2026)
- Central Bank of the Republic of Türkiye — Press Release on Interest Rates 2026-17 (22 Apr 2026)
- IMF — World Economic Outlook, April 2026, Chapter 1 and statistical tables (14 Apr 2026)
- VBMA — Weekly money and bond market report, 20–24 April 2026 (24 Apr 2026, Vietnamese)
- Federal Reserve — FOMC meeting calendar 2026 · Bank of England — Upcoming MPC dates · Banco de España — ECB rate decision, April 2026 · Eurostat — Euro-area flash inflation, April 2026 (30 Apr 2026) · ECO — Nationality law deadline (3 May 2026, Portuguese)
