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Little change to average house price

Little change to average house price

Category: Mortgages

Updated: 01/05/2013
First Published: 01/05/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The average UK house price remained relatively unchanged between March and April this year, rising annually by just 0.9%.

Data from the latest Nationwide House Price Index revealed the value of a typical home now stands at £165,586.

Approval rates also increased according to the report, with 53,000 home loans successfully approved to borrowers each month during the first quarter of 2013, 2,000 more than in the same period last year.

Levels of activity within the first-time buyer market also took an upturn, with 43% of all mortgages approved to those buying their first home during February. This is the highest level recorded since April 2005, excluding March 2012 when there was a surge in buyer activity prior to the stamp duty holiday expiring.

Robert Gardner, Nationwide's chief economist, said: "The three month on three month measure of house prices, which is a smoother measure of the underlying trend, has been in positive territory since October last year.

"The annual rate of house price growth also remained in positive territory, with prices 0.9% higher than April 2012. Similarly, the number of mortgage approvals has edged up from the levels prevailing last year and there are reasons for optimism that activity levels will continue to strengthen in the months ahead."

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