Date issued: 28 Mar 2007
SPRING LOSES SOME BOUNCE
- House price inflation slowed to 9.3% in March
- Underlying trend softening as interest rate rises feed through
- But supply constraints will continue to support prices
- US sub-prime woes unlikely to cross the pond, but highlight the wisdom of prudence
| Headlines |
March 2007 |
February 2007 |
| Monthly index *Q1 '93 = 100 |
353.6 |
352.4 |
| Monthly change* |
0.4% |
0.6% |
| Annual change |
9.3% |
10.2% |
| Average price |
£177,083 |
£174,706 |
*seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“The housing market showed further signs of cooling during March. The price of a typical house increased by 0.4% during the month, bringing the annual rate of house price inflation back into single digits at 9.3%. The price of a typical property in the UK is now £177,083, £15,000 higher than at this time last year. This is the equivalent of a monthly rise of £1,250 per month or £41 per day".
For further information please see this month's full report (PDF - 52KB)
