UK house prices fell by 0.2% in March. Nevertheless, the annual rate of house price growth edged higher to 1.6% in March, from 1.2% in February.
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The figures come from the Nationwide and the lender’s chief economist – Robert Gardner – says: “Activity has picked up from the weak levels prevailing towards the end of 2023 but remain relatively subdued by historic standards. For example, the number of mortgages approved for house purchase in January was around 15% below pre-pandemic levels.
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“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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Source: Introducer Today