30 March 2010

House prices across the UK saw a 0.7% rise in March, with the average property now valued at £164,519.

The price increase reversed the 0.8% drop seen in February, which left the average house price at £161,320. The statistics, released by the Nationwide, indicates that house prices are now 9% higher than they were a year ago.

Martin Gahbauer, Nationwide chief economist, stated: “The last two months are consistent with a relatively flat profile for house prices, and in line with the recent drops seen in buyer enquiries and house sales.”

Gahbauer added: “With greater than usual political and economic uncertainty ahead of the upcoming general
election, potential home buyers are proceeding cautiously. At the same time, the number of homes for sale has not increased appreciably, meaning that the impact of lower buyer activity on house prices has not been too negative. If this trend continues, we are likely to see relatively dew properties changing hands, but with prices fairly stable.”

Source: Mortgage strategy

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