House prices increased in March to their biggest monthly gain in six months

According to Nationwide’s monthly house price index, April saw a positive return to form for the property market, with an increase in house price growth.

The figures show there was a 1.5% rise in property prices in March, making it the industry’s most significant monthly gain since August 2017.

In March, the 1.5% rise in house prices saw the average home in the UK hit £227,871. During the three months to March, house prices were 2.7% higher than a year ago, up from the 1.8% annual growth which was recorded in February.

Nationwide’s Chief Economist, Robert Gardner, said:

“Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.

“Subdued economic activity and the ongoing squeeze on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year. We continue to expect house prices to rise by around 1% over the course of 2018.”

New research also from Halifax shows mortgages in Britain have reached their most affordable level in a decade. In the fourth quarter of 2017, typical mortgage payments accounted for 29% of a homeowner’s disposable income. This compares to ten years earlier, when mortgage repayments typically accounted for 48% of a homeowner’s disposable income.

With mortgages at their lowest rates in a decade and with house prices continue to rise in the UK, albeit at a more modest pace, the property climate in Britain could be considered rosier than many make out.

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