The average UK house price fell by 0.2 percent month on month in March but saw a 1.6 percent increase annually, Nationwide Building Society has said.
This reflects a slight uptick from the 1.2 percent annual increase recorded in February, bringing the average UK house price to £261,142.
However, markets in southern England remain notably sluggish, experiencing a 0.3 percent year-on-year decline in prices.. The South West was the weakest performing region, with prices down 1.7 percent year-on-year.
Robert Gardner, Nationwide’s chief economist, said: “Activity has picked up from the weak levels prevailing towards the end of 2023 but remain relatively subdued by historic standards.”
He continued: “For example, the number of mortgages approved for house purchase in January was around 15 percent below pre-pandemic levels.
“This largely reflects the impact of higher interest rates on affordability. While mortgage rates are below the peaks seen in mid-2023, they remain well above the lows prevailing in the wake of the pandemic.”
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