Annual house prices in the United Kingdom increased 1.6% in March, according to the Nationwide House Price Index released on Tuesday. The annual rise improved from the 1.2% reported in February.
Month on month, the index declined by 0.2%, while the average house price in the country in March stood at £261,142, up from £260,420 recorded in the previous month.
"Activity has picked up from the weak levels prevailing towards the end of 2023 but remain relatively subdued by historic standards," Nationwide's chief economist, Robert Gardner, commented. "With cost-of-living pressures easing as inflation moves back towards target, consumer sentiment is improving. Indeed, surveyors report a pickup in new buyer enquiries and new instructions to sell in recent months. Moreover, with income growth continuing to outpace house price growth by a healthy margin, housing affordability is improving, albeit gradually," he added.
