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Surprise Rise for house prices
According to the monthly house price index from Nationwide, the price of a typical house rose by 0.9 per cent in March, reducing the annual rate of fall from 17.6 per cent to 15.7 per cent. This brings the price of the average house to £150,946, the first rise since October 2007.
Surprise Rise for house prices
According to the monthly house price index from Nationwide, the price of a typical house rose by 0.9 per cent in March, reducing the annual rate of fall from 17.6 per cent to 15.7 per cent. This brings the price of the average house to £150,946, the first rise since October 2007. Fionnuala Earley, Nationwide's chief economist, said: "The moderation in the annual rate of fall is somewhat distorted by conditions last year and so it would be unwise to draw strong conclusions from the significant slowdown in the annual rate of fall. "Equally, while the rise in prices in March is welcome, it is far too soon to see this as evidence that the trough of the market has been reached." Strong measures taken by the Bank of England to ease economic tensions will help the housing market, Ms Earley added, but these will take time to filter through.
16-07-2009