UK house prices rose 1.6% YoY in March, fastest since Dec 2022, but fell 0.2% MoM; mortgage approvals down 15% from pre-pandemic levels.
UK house prices rose by 1.6% in March compared with a year earlier, the fastest increase since December 2022, according to mortgage lender Nationwide. However, property prices fell by 0.2% in March alone, the first drop since December 2023 after a 0.7% increase the month before. Higher mortgage rates have affected affordability, with the number of mortgages approved for house purchase in January being around 15% below pre-pandemic levels.
April 02, 2024
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