Continued softening in regional house price growth

March & Q1 House Price Index

The pace of annual house price growth continued to soften in March, down to 5.1% from 5.7% in February. This is the seventh month in a row in which annual growth has moderated.

Robert Gardner, Nationwide's Chief Economist commented “UK house prices edged up by 0.1% in March though the annual pace of growth slowed for the seventh month in a row to 5.1% from 5.7% in February. UK house prices are currently around 2% above their pre-crisis levels."

“Economic conditions have remained supportive, with labour market conditions continuing to improve and mortgage interest rates close to all-time lows. Nevertheless, the pace of housing market activity has remained subdued, with the number of mortgages approved for house purchase in January around 20% below the level prevailing one year ago."

Headlines Mar 2015 Feb 2015
Monthly Index* 380.4 380.0
Monthly Change* 0.1% -0.1%
Annual Change 5.1% 5.7%
Average Price (not seasonally adjusted) £189,454 £187,964

*Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)

Read March's HPI report and our quarterly regional HPI report.