Data published by Nationwide Building Society showed that housing prices remained unchanged in March after rising 0.4% in February. This was the weakest result since August 2024, when prices fell by 0.2%. Economists expected prices to increase by 0.2%.
In annual terms, house prices rose by 3.9% after a similar increase in February. This was the 14th increase in a row. Economists had forecast growth of 3.8%. As a result, the average price of a typical home (not seasonally adjusted) was 271,316 pounds compared to 270.493 pounds in February.
“The latest price trends are unsurprising, given the end of the stamp duty holiday at the end of March. Indeed, 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. Nevertheless, activity is likely to pick up steadily as the summer progresses, despite wider economic uncertainties in the global economy, since underlying conditions for potential home buyers in the UK remain supportive," said Robert Gardner, Nationwide's Chief Economist.