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UK house prices faced the largest increase in March

According to data from mortgage lender Nationwide, UK house prices faced the largest increase by 1.6% in March compared to a year earlier, marking the most significant rise since December 2022, albeit below economists’ expectations.

UK house prices faced the largest increase in March

However, there was a slight decline of 0.2% in March alone, the first drop since December 2023, surprising analysts who had anticipated a 0.3% increase.

“Activity has improved from the low levels seen towards the end of 2023 but remains relatively subdued when compared to historical standards,” stated Nationwide economist Robert Gardner.

Mortgage approvals in January were 15% lower than pre-COVID-19 levels, reflecting the impact of increased interest rates, Gardner added.

The Bank of England raised its main interest rate to 5.25% in August 2023, the highest level in over 15 years, with financial markets expecting a cut by June or August, bringing rates down to approximately 4.5% by year-end.

Nationwide reported that house prices for the first quarter of the year were 1.1% higher than the previous quarter, marking the most rapid three-month increase since the period ending July 2022.

The post UK house prices faced the largest increase in March appeared first on Ladun Liadi’s Blog.

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