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| House price growth steady in February, says Nationwide | |
| (35 minutes later) | |
| The Nationwide has said UK house price growth remained "steady" in February, with prices up 0.3% from January. | The Nationwide has said UK house price growth remained "steady" in February, with prices up 0.3% from January. |
| The building society said that prices rose in February at the same rate as in the previous month, but this was sharply slower than December's increase of 0.8%. | The building society said that prices rose in February at the same rate as in the previous month, but this was sharply slower than December's increase of 0.8%. |
| However, the annual growth rate picked up to 4.8%, compared with the figure of 4.4% the previous month. | However, the annual growth rate picked up to 4.8%, compared with the figure of 4.4% the previous month. |
| The average price of a property is now £196,930, Nationwide said. | The average price of a property is now £196,930, Nationwide said. |
| The Nationwide said the number of mortgages approved went up sharply in January to nearly 75,000. | |
| It said this compared with about 71,000 approvals in December and was the highest number for two years. | |
| "However, much of the increase is likely to be related to the impending increase in stamp duty on second homes, which is due to take effect in April 2016," said the Nationwide's chief economist, Robert Gardner. | |
| "This is likely to have brought forward a significant number of purchases, which in turn will probably result in a fall back in approvals during the spring [and] summer." | |
| Commenting on the figures, the chief UK and European economist at IHS Global Insight, Howard Archer, said an overview of the various housing surveys indicated that prices would rise by 6% in 2016, "amid reasonably healthy buyer interest". | |
| However, he warned that the UK's referendum on EU membership on 23 June posed a "potential major downside risk to housing market activity and prices". | |
| He added: "A vote for Brexit would be liable to see a marked hit to UK economic activity over the rest of this year and in 2017 amid heightened uncertainties, which would likely weigh down heavily on the housing market." |