House Prices Fall Month-On-Month

Annual house price growth in the UK softened to 3.5% in March with prices falling 0.3% month-on-month, according to the latest Nationwide House Price Index. The reversal in momentum has been described as a “wake up call” by Jonathan Hopper, managing director of Garrington Property Finders. “It’s nearly two years since the month-on-month number was last in negative territory. But now, as then, the surprise fall in house prices was symptomatic of a listless market rather than a profound shift,” he said. “So it would be overly melodramatic to view the Nationwide’s latest data as a turning point. In reality, average house prices have been meandering for several months against the volatile and uncertain economic backdrop. Read more on Housing Excellence.