The price of an average property in the UK rose by 0.7% in March, following the 0.8% fall in February. Now sitting at £164,519 the typical property is worth 9% more than it was a year ago.
Martin Gahbauer Nationwide’s Chief Economist said: ‘The last two months are consistent with a relatively flat profile for house prices, in line with recent drops seen in buyer enquiries and house sales. With greater than usual political and economic uncertainty ahead of the upcoming election, potential homebuyers are proceeding cautiously.
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‘At the same time the number of homes for sale has not increased appreciably… if this trend continues we are likely to see relatively few properties changing hands, but with prices fairly stable.’
Nationwide also ventured that the new Stamp Duty threshold for first-time buyers is, for many, just an extension of the holiday which the Government provided until December 2009, and therefore will not be enough alone to lift the housing market out of the doldrums. It remains to be seen what a new administration would decide about Stamp Duty – this uncertainty is certainly affecting the market looking ahead to the election campaign in April.
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