House prices fell in March – here’s why homeowners shouldn’t be surprised

Estate agents say activity is picking up but the cost of a mortgage is still very high, writes James Moore. A couple of interest rate cuts won’t do much to help hard-pressed first time buyers

The average UK house price fell by 0.2 per cent month on month in March, although there are signs that activity is picking up, Nationwide Building Society said (PA)

After showing some modest signs of life, Britain’s maddening housing market (for those in it) decided to resume its sulk in March.

The Nationwide Building Society’s latest index showed a modest year-on-year rise of 1.6 per cent but a seasonally adjusted month-on-month fall of 0.2 per cent when compared to February’s prices.

Chief economist Robert Gardner also noted that property is proving hard for sellers to shift. He said that while “activity has picked up from the weak levels prevailing towards the end of 2023” the market is still “relatively subdued by historic standards”.