Good news for the UK housing market, it seems that the huge cuts in interest rates maybe taking effect with some positive UK house price news from the Nationwide Building Society This comes at a time when the Bank of England recently announced that mortgage approvals were also up
House prices rose last month for the first time in 16 months, the price of a typical house increased by 0.9 per cent to £150,946 in March in contrast to February when month-on-month house prices fell by 1.9 per cent.
The unexpected rally lowers the annualised rate of house price declines from 17.6 per cent to 15.7 per cent.
Nationwide welcomed the tentative sign of stability, but added, “It is far too soon to see this as evidence that the trough of the market has been reached.”
Nationwide described the change as a “surprise bounce” and warned against concluding the market had turned.
“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,” said Fionnuala Earley, Nationwide’s chief economist.
The number of mortgages approved for house purchase jumped by 19 per cent during February Bank of England figures show 37,937 mortgage approvals, up from 31,791 in January, well above the six-month average of 31,500 and the highest level since May last year
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