Figures show sharp drop in house price growth

New figures that have been published by Nationwide show that the drop in house price growth over the course of last month was the biggest annual fall it has seen in 14 years.

The house price index from Nationwide shows that there was a 3.1% year on year fall in UK house price growth last month. That is the most it has fallen on an annual basis since July of 2009, which was when the country was still firmly reeling from the 2008 financial crisis.

March was the seventh successive month in which the average price of a home in the UK went down, with the monthly drop being 0.8%. It means that the current average price is 4.6% less than it was in August of last year, which was the high point for price growth.
The first quarter of this year saw a slowdown in growth across every region of the UK. Nine of them also reported a drop in average prices on an annual basis.

The area of the UK where price growth remained strongest was the West Midlands, where it rose by 1.4% in comparison with the same time last year. Scotland had the weakest performance, with a 3.1% drop in the average price in comparison with March 2022.

Robert Gardner from Nationwide said that rising living costs meant that this would likely stay the case in the short term.

Falling prices may help those with the CeMAP mortgage advisor qualification find affordable deals for more of their clients.


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