Nationwide HPI March
In their House Price Index (HPI) report released today Nationwide states that house price growth accelerted in March. The North – South divide continues to widen
UK annual house price growth increased to 5.7% in March up from the month earlier at 4.8%, the monthly change showed an increase of 0.8% up from 0.4% the month earlier.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist said: “The price of a typical UK home increased by 0.8% in March, while the annual rate of house price growth rose to 5.7%, the strongest pace since February 2015 up from 4.8% the previous month.
“There has been a pickup in housing market activity in recent months, with the number of housing transactions and mortgage approvals rising strongly. This is likely to have been driven, at least in part, by upcoming changes to stamp duty on second homes, where buyers have brought forward purchases in order to avoid the additional tax liabilities.
“This temporary boost to demand against a backdrop of continued constrained supply is likely to have exerted upward pressure on prices and helped to lift the pace of annual price growth out of the fairly narrow range of 3%-5% that has been prevailing since the summer.
“The pace of house price growth may moderate again once the stamp duty changes take effect in April. However, it is possible that the recent pattern of strong employment growth, rising real earnings, low borrowing costs and constrained supply will keep the demand/supply balance tilted in favour of sellers and maintain pressure on price growth in the quarters ahead.
“Indeed, according to Royal Institute of Chartered Surveyors, the stock of houses on estate agents’ books remains close to all time lows on data extending back thirty years.”
To read the full Natiowide HPI report March click here
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