Nationwide Reports a Rebound

House prices have risen again, reversing the fall in March, according to Nationwide?s data, although they do point out that overall the market remains ?flat?.

The increase represents a raise by £2,252 on the average price of a house in England and Wales, which now stands at £156, 128.

Volatility in monthly house prices is not unusual in the spring, Nationwide commented, and the early advent of Easter may have brought the usual rush of buyers forward. Overall, the trend appears to confirm the general impression of a gently slowing market.

Fionnuala Earley, Nationwide?s Group Economist said: ?Confidence will be a big factor in how the market moves forward from here and this is driven predominantly by the general macroeconomic background and in particular news about interest rates and employment.?

Researchers at Capital Economics commented that the market seems to have reached a temporary impasse: ?Buyers are no longer willing, or able, to meet asking prices and sellers are reluctant to lower their expectations.

?We will believe that lower prices are the likely outcome, but while the various house price surveys continue to send conflicting messages and remain volatile on a month by month basis, the uncertainty about the outlook will persist.?