The housing market has slowed down in March, so the Nationwide reports today.
House prices went up 0.4% throughout March, down from 0.6% cent in February, the building society finds.
The average home is presently worth 9.3% more than at this time last year.
The figure was 10.2% in January, with house price inflation falling behind the 2006 pace of price growth.
The price of the average UK property is £177,083, £15,000 higher than in 2006. That is equivalent to a monthly rise of £1,250 per month or £41 per day.
She added that the monthly growth rate reached 2.1% in March, the lowest level since August 2006. New buyer enquiries as well as mortgage approvals have slowed down in 2006.
House price growth is likely to be 5-7% in 2007. Given the slowing down, it is anticipated that the housing market remains firm, due to its momentum as well as a shortage of properties for sale.
The recent trouble with the US mortgages market is not likely to have a great effect on the UK property market.
The similarities between the two markets are in terms of increasing prices, rising interest rates as well as deteriorating affordability, yet the US experience has been far more extreme.
There have been eleven interest rate increases in the States in the last two years, amounting to a 2.75 overall rise, making the Uk 0.5% increase look feeble.
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Housing Market Slows Down In March
Thu, 29 Mar 2007
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