The prices of houses in the United Kingdom rose by 3.9% on an annual basis in March, according to the Nationwide House Price Index published on Tuesday. The figure stayed steady from February when the annual house price growth also stood at 3.9%.
On a monthly basis, the index remained unchanged on a seasonally adjusted basis, while the average house price in the UK reached £271,316 in the reported month, increasing from £270,493 in February.
"These price trends are unsurprising, given the end of the stamp duty holiday at the end of March (transactions associated with mortgage approvals made in March, especially toward the end of the month, would be unlikely to complete before the deadline)," Nationwide's Chief Economist Robert Gardner said, adding that "the market is likely to remain a little soft in the coming months since activity will have been brought forward to avoid the additional tax obligations."
