UK housing market activity remains subdued, Nationwide reports

 

UK housing market activity has "remained subdued", the Nationwide says, as annual house price growth slowed for the seventh month in a row.

Annual price growth fell to 5.1% in March, down from 5.7% the month before.
House prices edged up 0.1% in March itself, the building society said, taking the average price to £189,454.

  

While price growth moderated across the UK, London and the south east of England continued to see the strongest growth.
However, Nationwide noted there was a "noticeable softening this quarter, particularly in London".
Robert Gardner, Nationwide's chief economist, said: "Economic conditions have remained supportive, with labour market conditions continuing to improve and mortgage interest rates close to all-time lows.
"Nevertheless, the pace of housing market activity has remained subdued, with the number of mortgages approved for house purchase in January around 20% below the level prevailing one year ago."
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