House prices rise in March

Posted: 03 Apr 2009 11:47:53 GMT

Seasonally adjusted house prices were found to rise 0.9 per cent between February and March, according to the Nationwide House Price index.

Rising from £147,746 in February to £150,946, the alteration means the year-on-year house price fall has shrunk from 17.6 per cent per annum to 15.7 per cent.

The Nationwide, however, has warned against taking the rise in house prices as a sign that the property market has bottomed out.

Mortgage approvals are also on the rise though, with 37,900 recorded in February, suggesting a slight rise in confidence from both consumers and banks.

Fionnuala Earley, Nationwide's chief economist, suggested that the figures should be taken in a wider context, in order to avoid becoming prematurely optimistic.

"The moderation in the annual rate of fall is somewhat distorted by conditions last year and so it would be unwise to draw strong conclusions from the significant slowdown in the annual rate of fall."

The fall in house prices is partly expected to bring about a rise in interest from those hoping to take advantage of cheaper property.

House hunters looking for real bargains could consider buying online, which may allow the chance to bypass expensive estate agents.



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