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| Version 3 | Version 4 |
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| House price inflation slows down | House price inflation slows down |
| (30 minutes later) | |
| The annual rate of house price inflation eased slightly in March, the Nationwide building society said. | The annual rate of house price inflation eased slightly in March, the Nationwide building society said. |
| Prices across the UK rose by 0.7% in the month, taking the cost of the average UK home to £164,519. | Prices across the UK rose by 0.7% in the month, taking the cost of the average UK home to £164,519. |
| That was 9% higher than a year ago, a rise of nearly £14,000, but the annual rate of increase was slower than the 9.2% recorded in February. | That was 9% higher than a year ago, a rise of nearly £14,000, but the annual rate of increase was slower than the 9.2% recorded in February. |
| The Nationwide said over the past few months the property market had in fact become more subdued. | The Nationwide said over the past few months the property market had in fact become more subdued. |
| In the three months to the end of March prices rose by 1.6%, compared with a 1.8% increase in the previous three months. | In the three months to the end of March prices rose by 1.6%, compared with a 1.8% increase in the previous three months. |
| "The last two months are consistent with a relatively flat profile for house prices, and in line with the recent drops seen in buyer enquiries and house sales," said Martin Gahbauer, the Nationwide's chief economist. | "The last two months are consistent with a relatively flat profile for house prices, and in line with the recent drops seen in buyer enquiries and house sales," said Martin Gahbauer, the Nationwide's chief economist. |
| "Preliminary figures show that the number of loans taken out for house purchases failed to recover from January's large dip, suggesting that weakness in house sales at the start of the year may have been due to more than just the snowy weather." | "Preliminary figures show that the number of loans taken out for house purchases failed to recover from January's large dip, suggesting that weakness in house sales at the start of the year may have been due to more than just the snowy weather." |
| Figures released earlier this month by the Land Registry, which is considered the most comprehensive survey but lags behind others, showed that prices fell by 0.3% in February in England and Wales. They were 7% higher than a year ago, and the annual rate had quickened from 5.2% the previous month. | Figures released earlier this month by the Land Registry, which is considered the most comprehensive survey but lags behind others, showed that prices fell by 0.3% in February in England and Wales. They were 7% higher than a year ago, and the annual rate had quickened from 5.2% the previous month. |
| Stamp duty | Stamp duty |
| At the end of last year, sales were boosted by the 1 January 2010 reintroduction of 1% stamp duty on homes costing between £125,000 and £175,000. | At the end of last year, sales were boosted by the 1 January 2010 reintroduction of 1% stamp duty on homes costing between £125,000 and £175,000. |
| There was no appreciable increase in transactions at the lower end of the chain Martin Gahbauer, Nationwide chief economist Call for rules on letting agents House price surveys explained | There was no appreciable increase in transactions at the lower end of the chain Martin Gahbauer, Nationwide chief economist Call for rules on letting agents House price surveys explained |
| In an attempt to keep sales ticking over, last week's Budget introduced a new policy. | In an attempt to keep sales ticking over, last week's Budget introduced a new policy. |
| The 1% stamp duty band - which cover homes worth between £125,000 and £250,000 - will be abolished for two years, but for first-time buyers only. | The 1% stamp duty band - which cover homes worth between £125,000 and £250,000 - will be abolished for two years, but for first-time buyers only. |
| The Nationwide said it would save £1,368 for the average first-time buyer, but Mr Gahbauer was unsure if it would made much difference to the market as a whole. | The Nationwide said it would save £1,368 for the average first-time buyer, but Mr Gahbauer was unsure if it would made much difference to the market as a whole. |
| "Over the course of the last [stamp duty] holiday, there was indeed a modest increase in house purchase transactions, with most of the pick-up seen during the second half of the exemption period," he said. | "Over the course of the last [stamp duty] holiday, there was indeed a modest increase in house purchase transactions, with most of the pick-up seen during the second half of the exemption period," he said. |
| "However, transactions remained well below normal levels throughout and it is not clear how much of the pickup was attributable to other factors such as the record cut in interest rates. | "However, transactions remained well below normal levels throughout and it is not clear how much of the pickup was attributable to other factors such as the record cut in interest rates. |
| "In addition, there was no appreciable increase in transactions at the lower end of the chain," he pointed out. | "In addition, there was no appreciable increase in transactions at the lower end of the chain," he pointed out. |
| Sales | Sales |
| The number of homes sold in the UK rose in February. Figures from HM Revenue & Customs (HMRC) have shown that the number of completed sales rose by 14% from January, to 58,000 last month. | |
| But this was still substantially fewer than the 103,000 sold in December. | But this was still substantially fewer than the 103,000 sold in December. |
| With figures from the Bank of England showing on Monday that the number of new mortgages approved for home buyers fell slightly from January to February, the property market seems likely to stay subdued for at least the next few months. | With figures from the Bank of England showing on Monday that the number of new mortgages approved for home buyers fell slightly from January to February, the property market seems likely to stay subdued for at least the next few months. |