House prices post first rise for 16 months
The Nationwide housing survey has today revealed a 0.9% increase in house prices across the UK, during the month of March. While it is unclear as yet as to whether this is a substantial turning point, or a rogue performance, many are starting to look at the possibility the market may be about to turn. Last month's performance reduces the annual rate of decline in UK property from 17.6% for the year to February down to 15.7% for the year to March. The average home in UK is now worth £150,496.
While there are hopes that we have seen a turning point in the UK property market it is also worth remembering that over the last three months prices have fallen by 4.2%. Many analysts prefer to use the three monthly, or quarterly, figures before calling the end of a trend. The next two months will be vital to see if the increase in house prices in March continued and whether we are starting to see finance finally seep into the mortgage market.
The figures from the Nationwide surprised many analysts in the UK although if correct they could offer a very strong election card for Gordon Brown. Could he really rise from the ashes?
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