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| House price growth subdued in March, says Nationwide | House price growth subdued in March, says Nationwide |
| (about 3 hours later) | |
| Annual house price growth remained subdued in March, according to the Nationwide building society. | Annual house price growth remained subdued in March, according to the Nationwide building society. |
| The increase of 2.1% was down slightly from February's rate of 2.2%. | The increase of 2.1% was down slightly from February's rate of 2.2%. |
| Nationwide said "subdued consumer confidence" and wage growth not keeping up with the rise in the cost of living had offset healthy employment gains and low borrowing costs. | |
| But it expects house prices to hold steady in 2018 due to low unemployment and lack of properties on the market. | But it expects house prices to hold steady in 2018 due to low unemployment and lack of properties on the market. |
| Robert Gardner, Nationwide's chief economist, said: "Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates." | Robert Gardner, Nationwide's chief economist, said: "Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates." |
| The building society is continuing to predict a 1% rise in house prices during 2018. | The building society is continuing to predict a 1% rise in house prices during 2018. |
| The regional breakdown in Nationwide's figures show a marked contrast between London and other areas of the UK. | The regional breakdown in Nationwide's figures show a marked contrast between London and other areas of the UK. |
| The capital was the only part of the country to record a fall in house prices when comparing the first quarter of the year with the same period of 2017. Prices in London fell by 1%. | The capital was the only part of the country to record a fall in house prices when comparing the first quarter of the year with the same period of 2017. Prices in London fell by 1%. |
| Jonathan Hopper, managing director of Garrington Property Finders, said: "London's property market shows no sign of giving up its wooden spoon, as the slowdown in the capital worsens. | Jonathan Hopper, managing director of Garrington Property Finders, said: "London's property market shows no sign of giving up its wooden spoon, as the slowdown in the capital worsens. |
| "What began as a cooling of prices in the capital's prime and super-prime postcodes is turning into an ever more widespread frost." | "What began as a cooling of prices in the capital's prime and super-prime postcodes is turning into an ever more widespread frost." |
| However, London still remains the most expensive area, and a typical home in the south of England costs £331,047 - twice as much as the typical price of £163,138 in the north of England, the Nationwide said. | However, London still remains the most expensive area, and a typical home in the south of England costs £331,047 - twice as much as the typical price of £163,138 in the north of England, the Nationwide said. |
| "These trends have so far made only small inroads in narrowing the North-South divide," Mr Gardner said. | "These trends have so far made only small inroads in narrowing the North-South divide," Mr Gardner said. |
| Price rose the fastest in Northern Ireland, increasing by 7.9% in first three months of the year compared with the same period a year earlier. Prices in Northern Ireland still remain well below their 2007 peak. | Price rose the fastest in Northern Ireland, increasing by 7.9% in first three months of the year compared with the same period a year earlier. Prices in Northern Ireland still remain well below their 2007 peak. |
| House prices rose by 6.1% in Wales over the same period, the Nationwide said, and there was a 0.2% increase in Scotland. | House prices rose by 6.1% in Wales over the same period, the Nationwide said, and there was a 0.2% increase in Scotland. |