The average cost of a home is now £261,142. But overall, affordability is improving and the property market could improve further if interest rates come down.
Annual UK house prices edged up by 1.6% in March, according to new figures from Nationwide, the UK's largest building society. Every region of the UK experienced growth in year-on-year prices in the first quarter of 2024, the lender said. The average cost of a home is now £261,142. While month-on-month growth in house prices fell by 0.2% in March, after taking into account seasonal effects, the overall figures have been cautiously welcomed by commentators.
' Also released on Tuesday was February data showing financial institutions approved the highest number of mortgages since September 2022 but the figure of 60,383 approvals is still about 10% below the pre-COVID-19 average. Experts said the market would likely be boosted further in the coming months if, as expected, interest rates come down.
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