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UK house price growth slows to seven-month low, Nationwide data shows | UK house price growth slows to seven-month low, Nationwide data shows |
(about 7 hours later) | |
UK house prices rose at their slowest pace in seven months in March, underscoring bruised consumer confidence, according to mortgage provider Nationwide. | UK house prices rose at their slowest pace in seven months in March, underscoring bruised consumer confidence, according to mortgage provider Nationwide. |
Average prices rose by 2.1 per cent this month on an annual basis, which was down from a 2.2 per cent increase recorded in February and represented the lowest rise since August last year. | Average prices rose by 2.1 per cent this month on an annual basis, which was down from a 2.2 per cent increase recorded in February and represented the lowest rise since August last year. |
London was the weakest performing region, with house prices down 1 per cent compared with the same month a year ago, Nationwide said. The capital also remained the most expensive region. Home ownership in the city is now at 47 per cent, down from 57 per cent a decade ago. | |
“On the surface, the relatively subdued pace of house price growth appears at odds with recent healthy rates of employment growth, a modest pick-up in wage growth and historically low borrowing costs,” said Robert Gardner, Nationwide’s chief economist. | “On the surface, the relatively subdued pace of house price growth appears at odds with recent healthy rates of employment growth, a modest pick-up in wage growth and historically low borrowing costs,” said Robert Gardner, Nationwide’s chief economist. |
“However, consumer confidence has remained subdued, due to the ongoing squeeze on household finances as wage growth continues to lag behind increases in the cost of living.” | |
Looking ahead, Mr Gardner said that much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates. | Looking ahead, Mr Gardner said that much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates. |
“Subdued economic activity and the ongoing squeeze on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year,” he said. | “Subdued economic activity and the ongoing squeeze on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year,” he said. |
Northern Ireland saw the strongest annual rate of growth, with a 7.9 per cent gain. But Nationwide also noted that, at 38 per cent, prices in the region are still furthest below their pre-crisis levels. Overall UK prices are 16 per cent above where they were in 2007. | Northern Ireland saw the strongest annual rate of growth, with a 7.9 per cent gain. But Nationwide also noted that, at 38 per cent, prices in the region are still furthest below their pre-crisis levels. Overall UK prices are 16 per cent above where they were in 2007. |
The average price of a UK house is now £211,625, up from £210,402 in February. | The average price of a UK house is now £211,625, up from £210,402 in February. |
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