Activity has picked up compared with the end of 2023 but is relatively subdued by historic standards, Nationwide Building Society said.
The average UK house price fell by 0.2% month on month in March, although there are signs that activity is picking up, according to a report.
“This largely reflects the impact of higher interest rates on affordability. While mortgage rates are below the peaks seen in mid-2023, they remain well above the lows prevailing in the wake of the pandemic.”He said: “Indeed, surveyors report a pick-up in new buyer inquiries and new instructions to sell in recent months. Moreover, with income growth continuing to outpace house price growth by a healthy margin, housing affordability is improving, albeit gradually.
“London remained the best-performing southern region, with annual price growth recovering to 1.6%. The South West was the weakest performing region, with prices down 1.7% year on year.” “Mortgage rates have dropped substantially, and the lowest five-year fixed rates now sit around one percentage point lower than last summer.”
Anna Clare Harper, chief executive of investment adviser GreenResi, said: “The housing market is not one single market – it’s millions of tiny locations down to the street level, each becoming more or less popular over time, influenced by different factors ranging from local authority solvency to new local development schemes.”
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