UK house price growth slows for seventh month in a row
31 March 2015 - 03:11AM
Property
UK house price growth continues to slow, according
to Nationwide’s latest House Price Index, as values edged up just
0.1 per cent in March. The average price is now £189,454, according
to the bulding society, 5.1 per cent higher than one year ago. This
is down from the 5.7 per cent annual rise recorded in February, the
seventh month that growth has slowed in a row.Nonetheless, UK house
prices are now approximately 2 per cent above their pre-crisis
levels."Economic conditions have remained supportive, with labour
market conditions continuing to improve and mortgage interest rates
close to all-time lows," comments Robert Gardner, Nationwide’s
Chief Economist. "Nevertheless, the pace of housing market activity
has remained subdued, with the number of mortgages approved for
house purchase in January around 20 per cent below the level
prevailing one year ago. "While house price growth has moderated
across the UK, there is still significant regional variation.
Prices in London and the South of England continued to see the
strongest rates of annual growth, though there was a noticeable
softening this quarter, particularly in London. "Price growth also
continued to cool in the North West of England, Scotland and Wales,
even though prices in these regions remain some way below their
2007 peak. Indeed, in annual terms, prices in Wales declined by
0.5% in Q1."
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