02.04.202006:17:00UTC+00UK House Price Growth Accelerates In March

UK house prices increased at the fastest pace since January 2018, data from the Nationwide Building Society showed Thursday.

House prices grew 3 percent year-on-year in March, following February's 2.3 percent increase. This was the fastest growth since January 2018.

On a monthly basis, house price growth increased to 0.8 percent from 0.3 percent. In the first quarter, house prices gained 1.3 percent sequentially, taking the annual growth to 2.5 percent.

Robert Gardner, Nationwide's chief economist, cautioned that developments following the UK government's lockdown will not be reflected in these figures.

"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," Gardner added.