Posted by The UK housing market was “subdued” in March, with prices edging down on the previous month as high mortgage rates continued to affect the market, according to Nationwide building society.
It is the first time in three months that house prices have fallen, after gains of 0.7% in the previous two months.
The average price of a home fell 0.2% from February to March, at £261,142, after a seasonal adjustment to the figures.
However, March’s figure was up by 1.6% on the same month last year, and a step up in pace on February’s annual change of 1.2%.
Robert Gardner, Nationwide’s chief economist, said: “Activity has picked up from the weak levels prevailing towards the end of 2023 but remain relatively subdued by historic standards.
“For example, the number of mortgages approved for house purchase in January was around 15% below pre-pandemic levels. This largely reflects the impact of higher interest rates on affordability.”
More details soon …