UK house price growth moderated in March reflecting softening of demand ahead of the original end of the stamp duty holiday, data from the Nationwide Building Society revealed on Tuesday.
House prices increased 5.7 percent year-on-year in March, slower than the 6.9 percent growth see in February. This was the slowest rise since September 2020 and also weaker than the economists’ forecast of +6.4 percent.
On a monthly basis, house prices fell 0.2 percent, in contrast to a 0.7 percent rise in February. Prices were expected to climb 0.4 percent.
Robert Gardner, Nationwide’s chief economist, said recent signs of economic resilience, the stimulus measures announced in the Budget, including the extension of the furlough scheme and the stamp duty holiday and the introduction of a mortgage guarantee scheme, suggest that housing market activity is likely to remain buoyant over the next six months.
However, Gardner said the longer-term outlook remains highly uncertain.
In the first quarter, house prices grew 1.2 percent sequentially, taking the annual growth to 6.3 percent.
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