House price update

House prices picked up in March, with annual growth rising to 2.2% according to Nationwide. This is an improvement on February, when prices rose annually by 1.0%. The average house now costs £277,186.

In March, most UK regions saw modest increases in house prices, however the Outer South East and East Anglia both saw price declines. Meanwhile, Northern Ireland outperformed the rest of the UK, with annual growth of 9.5%. In England, the North West saw the strongest increase, with prices rising by 3.3% year-on-year. Interestingly, detached properties recorded the biggest annual growth, with a price increase of 2.4%. On the other hand, the value of flats has only increased by 15% since the start of 2020 – half the growth seen in detached properties.

Source: https://www.mortgagestrategy.co.uk/news/annual-house-price-growth-up-2-2-in-march-nationwide/

https://www.nationwide.co.uk/media/hpi/reports/uk-house-price-growth-picks-up-in-march