Date issued: 28 Mar 2008
NO BOUNCE IN HOUSE PRICES THIS EASTER
- House price growth slows to lowest level in twelve years
- Clear change in consumers’ housing market sentiment
- Outlook more downbeat, but within forecast range
- MPC expected to bring rate cut forward to April
| Headlines |
March 2008 |
February 2008 |
| Monthly index * Q1 '93 = 100 |
360.5 |
362.6 |
| Monthly change* |
-0.6% |
-0.5% |
| Annual change |
1.1% |
2.7% |
| Average price |
£179,110 |
£179,358 |
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“House prices fell for the fifth consecutive month in March. The price of a typical house fell by 0.6% during the month, bringing the annual rate of house price growth down to 1.1% - its lowest rate since March 1996. A clear change in sentiment since the late summer has led to the sharp slowing in house price growth, even in the less volatile 3-month on 3-month series. Prices on this measure are now 1.5% lower than three months ago. The price of a typical house in the UK is now £179,110, only £2,027 more than this time last year. However, prices are still 11% higher than two years ago and 47% higher than five years ago - the equivalent of a price rise of more than £30 per day for the last five years. "
For further information please see this month's full report (PDF 53KB).
