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Nationwide reports halt in house price rises

Thursday, 27 April 2006 12:00 AM

The growth in house prices enjoyed by the property market over the last couple of months came to an abrupt halt in April.

April is typically a strong month for the housing market, but this year house prices rose by just 0.1 per cent, compared to 1.1 per cent in March, figures from Nationwide show.

The annual change in house prices fell back to 4.8 per cent from 5.3 per cent in March, and the average house price is now £163,573.

The fall is in line with predictions by economists that the housing market would start 2006 strongly, but growth would tail off as the year progressed.

"The cooling in prices in April was not unexpected given the surge in March and shows the wisdom of not placing too much emphasis on one month's set of numbers," said Nationwide chief economist Fionnuala Earley.

"However, the underlying picture remains reasonably healthy as demand conditions have remained quite firm."

She pointed out that while the number of mortgage approvals fell back in February, from 121,000 to 115,000, the level of activity is still well above the ten year average of 100,000.

However, higher oil prices and utility bills along with increases in unemployment are likely to undermine consumer confidence.

"All in all we think this adds up to a mildly weakening, rather than accelerating, profile for house price growth for the rest of the year," she said.

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