Published: 2nd April 2020
Figures released this morning by one of the UK's largest mortgage providers has shown that March was continuing to build on the momentum shown by the UK property market at the beginning of the year.
According to the figures released by the Nationwide Building Society, annual UK house prices increased to 3% in March, up from 2.3% in the previous month. The March figures reflected the highest rate of annual UK house price growth since January 2018 (3.2%), and are positive news for a UK property market.
It is important to note that the figures released were taken from a data sample captured prior to the UK government lockdown at the end of the month. Undoubtedly, the lockdown and current situation will have an impact on wider property prices, however the figures do suggest an underlying robustness to the demand for property in the UK at present.
Whilst it is difficult to predict the long term impact of the restrictions imposed at present, and assuming the wider economy escapes a more longer term contraction, these figures will be viewed positively by those active in the UK property sector.