House prices increased in March

Property prices rose by 0.7% in March, largely reversing the 0.8% drop recorded in February.

Figures from Nationwide Building Society show that the average UK house price stood at £164,519 in March compared with £161,320 the previous month.

According to the lender prices are now 9% higher than a year ago.

Martin Gahbauer, chief economist at Nationwide, says: “The past two months are consistent with a relatively flat profile for prices, and in line with recent falls in buyer enquiries and sales.

“Preliminary figures show that the number of loans taken out for house purchase failed to recover from January’s substantial dip, suggesting that the weakness in sales at the start of the year may have been due to more than just the snowy weather.”