Monday, April 02, 2012
The latest Nationwide House Price Index for March shows
that:
- The price of a typical UK house declined by 1% in March
- Prices are 0.9% lower than one year ago
- The price of a typical home is now £163,327
- The ending of the first-time buyer Stamp Duty holiday may have
boosted demand
- In London, prices were up by 0.5% - the largest monthly
increase in the capital since April 2010
- There were price falls in the Midlands and Northern
Regions
|
Headlines
|
Mar-12
|
Feb-12
|
|
Monthly Index*
|
327.4
|
330.8
|
|
Monthly Change*
|
-1.0%
|
0.4%
|
|
Annual Change
|
-0.9%
|
0.9%
|
|
Average Price
(not seasonally adjusted)
|
£163,327
|
£162,712
|
* Seasonally adjusted figure (note that monthly % changes are
revised when seasonal adjustment factors are re-estimated)
Commenting on the figures, Robert Gardner, Nationwide's Chief
Economist, said: "The price of a typical UK home fell by
1% in March, pushing the year-on-year rate of house price growth
into negative territory for the first time in six months. House
prices were 0.9% lower than March 2011.
"A slowdown was to be expected, given the imminent expiry of
the Stamp Duty holiday, which had provided a temporary boost to
house prices in early 2012 as buyers brought forward purchases that
would otherwise have taken place later in the year.
"This dampening effect on housing market activity and prices
may fade over the course of the summer, especially if the wider
economic outlook begins to improve and other policy measures, such
as the Government's NewBuy scheme, are successful in supporting
buyer demand.
"However, in our view, the challenging economic backdrop is
likely to continue to act as a drag, with house prices moving
sideways or modestly lower over the next twelve months."
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