UK Housing Price and Market Update for March 2020
Average Price Paid
Annual house price growth increased to 3% in March, from 2.3% in February. This represents the fastest growth since January 2018 (annual growth 3.2%).
The past six months have experienced month-on-month growth.
In the first months of 2020 the property market had been gathering momentum until the COVID-19 pandemic struck.
As a result of measures implemented to slow the spread of the disease, the housing market is experiencing a rapid slow-down in activity.
Economic activity is expected to reduce significantly over the coming month but the initiatives in place to support businesses during this time are expected to keep borrowing costs low to limit long-term damage to the economy.
The same measures should help to significantly reduce the impact of Coronavirus on the property market.
House price growth in the North of England remains above that in the South.
Source of UK Property Price Data ‘Annual Change’, ‘Quarterly Change’, ‘Monthly Change’, ‘Average Price’ and ‘Average Mortgage Rates’ - Nationwide House Price Index.
Please note that the use of the above information and commentary is subject to both the Nationwide Legal Terms (https://www.nationwide.co.uk/about/house-price-index/headlines) and also where applicable, the Terms and Conditions found on our website www.resonateproperty.co.uk.