House price growth subdued in March, says Nationwide

House price growth subdued in March, says Nationwide

Annual house price growth remained subdued in March, according to the Nationwide building society.

The increase of 2.1% was down slightly from February’s rate of 2.2%.

Nationwide said “subdued consumer confidence” and wage growth failing to keep up with the rise in the cost of living had offset healthy employment gains and low borrowing costs.

But it expects house prices to hold steady in 2018 due to low unemployment and lack of properties on the market.

Robert Gardner, Nationwide’s chief economist, said: “Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.”

Source: BBC News

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