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Financial News: UK House Prices Fall In March: Nationwide

UK House Prices Fall In March: Nationwide

03/31/2017 - 02:33:00 (RTTNews)

(RTTNews) - UK house prices unexpectedly declined in March and the annual increase slowed sharply, survey figures from the Nationwide Housing Society showed Friday.

The house price index dropped 0.3 percent from February, when it grew 0.6 percent. Economists had forecast 0.3 percent increase.

The year-on-year increase in house prices eased to 3.5 percent from 4.5 percent. Economists were looking for 4 percent rise.

The average price of a house was GBP 207,308 in March versus GBP 205,846 in February.

The lender pointed out some convergence in regional price growth, with gap between weakest and strongest performing regions narrowest since 1978.

On a quarter-on-quarter basis, house prices rose 4.1 percent in the first quarter of this year after growing 4.5 percent in the final three months of 2016.

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