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The common house worth in the UK fell by 0.2 per cent in March, though there are indicators this might enhance extra in coming months, based on a brand new report.
Property values elevated by 1.6 per cent yearly, taking the common UK house worth to £261,142, Nationwide Building Society stated.
Mortgage charges have fallen from peaks final summer season, however stay above the low ranges seen throughout the Covid–19 pandemic.
The variety of accredited mortgages in January was round 15 per cent beneath pre-pandemic ranges, based on Nationwide’s chief economist Robert Gardner, who pointed to indicators that client sentiment is enhancing.
The index additionally included knowledge for the UK’s nations and areas, exhibiting annual modifications throughout the three months to March.
The Independent has put collectively this map beneath exhibiting the common house prices and the annual house worth change in the UK.
The figures confirmed that inside England there was a break up, with house prices usually growing in northern areas and falling in the South.
Mr Gardner stated: “Across northern England (including the North East, North West, Yorkshire and the Humber, East Midlands and West Midlands), prices were up 1.7 per cent year on year.
“Meanwhile, southern England (including the South West, Outer South East, Outer Metropolitan, London and East Anglia) saw a 0.3 per cent year-on-year fall.
“London remained the best-performing southern region, with annual price growth recovering to 1.6 per cent. The South West was the weakest performing region, with prices down 1.7 per cent year on year.”
Mr Gardner stated Northern Ireland remained the best-performing space, with prices up by 4.6 per cent in contrast with the first quarter of 2023.
He continued: “Indeed, surveyors report a pick-up in new buyer inquiries and new instructions to sell in recent months. Moreover, with income growth continuing to outpace house price growth by a healthy margin, housing affordability is improving, albeit gradually.
“If these trends are maintained, activity is likely to gain momentum, though the pace of the recovery is still likely to be heavily influenced by the trajectory of interest rates.”
Rob Wood, chief UK economist at Pantheon Macroeconomics, described the month-on-month fall in house prices as a “blip”.
He stated: “Forward-looking indicators continue to suggest house prices will keep rising as mortgage rates gradually tick down… We continue to expect house prices to rise 4 per cent year over year in 2024.”
Additional reporting by PA
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