–Nationwide: UK Apr House Prices -0.2% m/m; -1.3% y/y
–Nationwide: Feb-Apr House Prices +0.6% 3m/3m vs +0.4% Jan-Mar
LONDON (MNI) – UK house prices dipped in April from March, pushing
prices down 1.3% on the year, the latest Nationwide survey showed.
House prices fell 0.2% on the month in April, having risen 0.5% in
March and 0.4% in February. The year-on-year fall was the largest since
January and the third such fall so far in 2011.
The data showed that in the three months through April on the
previous three months house prices were up 0.6%.
Nationwide downplayed the monthly fall, taking the view prices are
“fairly static”.
“Since November 2010 house prices have increased in three months
and fallen in three months. However, it is not unusual to see a pattern
of modest monthly increases and decreases when the market is fairly
static, as has been the case since last summer,” Robert Gardner,
Nationwide’s chief economist, said.
The monthly outturn was weaker than analysts’ median forecast, for
a 0.1% rise.
There is raft of evidence showing the UK housing market is
suffering from historically low levels of activity.
In its February Inflation Report the BOE said “contacts of the
Bank’s Agents reported that concerns about the outlook for incomes and
house prices may … have weighed on housing market activity.”
Mortgage approvals have been running around half long run
averages.
–London newsroom: 4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDA$,MABDS$,MT$$$$]
