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United Kingdom Housing March 2022

United Kingdom: House prices continue to surge in March

According to the Nationwide Building Society, house prices expanded 1.1% in month-on-month seasonally-adjusted terms in March, which followed February’s 1.7% increase.

On an annual basis, house prices increased 14.3% in March, which followed a 12.6% rise in February and marked the fastest growth since 2004. House prices in March likely continued to be buoyed by tight home supply, a strong labor market and changes in housing preferences due to the pandemic.

Despite recent positive momentum, Robert Gardner, chief economist at Nationwide, stated:

“We still think that the housing market is likely to slow in the quarters ahead. The squeeze on household incomes is set to intensify, with inflation expected to rise further, perhaps reaching double digits in the quarters ahead if global energy prices remain high. Moreover, assuming that labour market conditions remain strong, the Bank of England is likely to raise interest rates further, which will also exert a drag on the market if this feeds through to mortgage rates.”

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