House prices cool in March: Nationwide

UK house price growth continued to cool in March, according to the latest figures from Nationwide.

The average house cost £211,625 in March, down 0.2 per cent month-on-month but up 2.1 per cent year-on-year.

In the three months to the end of March, Northern Ireland saw house prices rise from 2 per cent in Q1 2017 to 7.9 per cent.

Wales also saw a pick-up in annual house price growth, from 3.3 to 6.1 per cent.

The West Midlands saw the strongest English growth in the first quarter, with prices up 4.9 per cent annually.

At the end of Q1 London house prices had fallen 1 per cent.

Credit: Nationwide

Nationwide chief economist Robert Gardner says: “On the surface, the relatively subdued pace of house price growth appears at odds with recent healthy rates of
employment growth, a modest pick-up in wage growth and historically low borrowing costs.

“However, consumer confidence has remained subdued, due to the ongoing
squeeze on household finances as wage growth continues to lag behind increases in the cost of living.

“Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.”

The figures are seasonally adjusted.



Dirty money clampdown could hit London house prices

House prices in London could be forced down by a National Crime Agency crackdown on overseas ‘dirty money’ invested in property, experts say. Last month the NCA flexed its muscles on the issue by imposing new powers to freeze ownership of two properties in London worth a total £22m. The NCA’s Unexplained Wealth Orders force the overseas […]

Chancellor, budget

Chancellor earmarks more housing cash in lukewarm Spring Statement

Chancellor Philip Hammond earmarked more cash for affordable housing in his Spring Statement today. The Chancellor assigned an extra £1.7bn for affordable housing in London, equating to 26,000 new homes. Hammond said the extra cash would take the total planned affordable housing levels in London to 116,000 by the end of 2021/22. Hammond also added that […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


News and expert analysis straight to your inbox

Sign up