Annual rate of house price growth slows in March according to Nationwide
Released today the Nationwide House Price Index (HPI) for March headlines ‘House price growth softens in March’
The annual rate of house price growth slowed in March to 3.5%, lower than the rate reported for February at 4.5%. House prices fell by 0.3% month on month in March, a turnaround from the rise in February of 0.6%.
The report says that: Some convergence in regional price growth, with gap between weakest and strongest performing regions narrowest since 1978.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said:
“The annual rate of house price growth slowed in March to 3.5%, from 4.5% in February. House prices fell by 0.3% in the month, after taking account of seasonal effects.
“ There was a mixed picture across the UK in Q1. Six regions saw the pace of house price growth accelerate, six saw a deceleration and one (East Midlands) recorded the same rate as the previous quarter. Interestingly, the spread in the annual rate of change between the weakest and strongest performing regions was at its narrowest since 1978 at 6.8 percentage points – the second smallest gap on record.” more…..
Later in the report it highlights that Home ownership rate at lowest since 1985.
Read the Nationwide HPI report March and comments from Robert Gardner, Chief Economist in full click here.
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