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UK Property Values

Nationwide House Price Index

The latest House Price Index from Nationwide reports that average values were down -3.1% year-on-year in March, which it says mark the largest annual decline since July 2009. Its figures also suggest that, month-on-month, average prices fell by -0.8%. (The full report in PDF format can be downloaded here.)

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “The housing market reached a turning point last year as a result of the financial market turbulence which followed the mini-budget. Since then, activity has remained subdued.” However, the Index also shows significant regional variation; annual growth was still positive in the West Midlands (+1.4%), Northern Ireland (+1.3%) the East Midlands (+0.5%) and the South West (+0.5%). Across northern England overall, prices were flat.

Findings & extracts:

  • “It will be hard for the market to regain much momentum in the near term since consumer confidence remains weak and household budgets remain under pressure from high inflation.”

  • By an examination of the quarterly data, Scotland “remained the weakest performing region with prices down -3.1% compared with a year ago, a sharp slowing from the +3.3% year-on-year increase the previous quarter.”

  • “East Anglia, which was the strongest performing region last quarter, saw a significant slowdown, with prices falling -1.8% year-on-year, making it the weakest performing English region. The neighbouring Outer South East saw a -1.5% year-on-year decline, while London saw a -1.4% fall.”

  • By comparison with other significant indices, Nationwide reports the poorest average capital growth rates. Other sources are more positive. For example, Halifax reports average annual gains of +2.1%, ONS reports +6.3% (January data), and Rightmove reports +3.0%.

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