UK annual house price growth edged higher in March - Nationwide

According to the report from Nationwide Building Society, prices rose 0.8% in March, after taking account of seasonal factors. The sample period excludes recent COVID-19 related disruption.

Annual house price growth increased to 3% in March, up from 2.3% the previous month - - the fastest pace since January 2018 (when annual growth was 3.2%). The last six months have all seen month on-month increases, after taking account of seasonal effects.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "Annual house price growth increased to 3% in March. In the opening months of 2020, before the pandemic struck the UK, the housing market had been steadily gathering momentum. Activity levels and price growth were edging up thanks to continued robust labour market conditions, low borrowing costs and a more stable political backdrop following the general election. But housing market activity is now grinding to a halt as a result of the measures implemented to control the spread of the virus, and where the government has recommended not entering into housing transactions during this period"