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'Surprise bounce' in house prices 'Surprise bounce' in house prices
(10 minutes later)
House prices rose in March for the first time since October 2007, according to the Nationwide.House prices rose in March for the first time since October 2007, according to the Nationwide.
The building society said that property prices increased by 0.9% compared with the previous month.The building society said that property prices increased by 0.9% compared with the previous month.
That reduced the annual rate of house price falls from 17.6% in February to 15.7% in March, with the average UK home costing £150,946.That reduced the annual rate of house price falls from 17.6% in February to 15.7% in March, with the average UK home costing £150,946.
Nationwide described the change as a "surprise bounce" and warned against concluding the market had turned.Nationwide described the change as a "surprise bounce" and warned against concluding the market had turned.
"While the rise in prices in March is welcome, it is far too soon to see this as evidence that the trough of the market has been reached," said Fionnuala Earley, Nationwide's chief economist."While the rise in prices in March is welcome, it is far too soon to see this as evidence that the trough of the market has been reached," said Fionnuala Earley, Nationwide's chief economist.
She added that cuts in interest rates and the Bank of England's move to expand the amount of money in the system - known as quantitative easing - would take time to work through into the housing market before there was a "sustained" recovery in house prices.She added that cuts in interest rates and the Bank of England's move to expand the amount of money in the system - known as quantitative easing - would take time to work through into the housing market before there was a "sustained" recovery in house prices.
'Confidence' Signs of recovery?
Ms Earley said that the significant slowdown in falling prices year-on-year was distorted by the sharp decline in the market last year.Ms Earley said that the significant slowdown in falling prices year-on-year was distorted by the sharp decline in the market last year.
Nationwide's figures show that prices of flats have been more volatile than other types of properties.Nationwide's figures show that prices of flats have been more volatile than other types of properties.
The figures come shortly after the Bank of England reported that mortgage approvals for house purchases in Britain rose more than expected in February.The figures come shortly after the Bank of England reported that mortgage approvals for house purchases in Britain rose more than expected in February.
The rise in mortgage approvals by all lenders - to 38,000 approvals in the month, up from 32,000 in January - is a good short-term indicator of actual lending and suggests this may now pick up.The rise in mortgage approvals by all lenders - to 38,000 approvals in the month, up from 32,000 in January - is a good short-term indicator of actual lending and suggests this may now pick up.
The Royal Institution of Chartered Surveyors' (RICS) monthly survey has shown rising interest from prospective buyers recently. Recent surveys from the Royal Institution of Chartered Surveyors (Rics) have shown rising interest from prospective buyers.
Earlier this week Bank of England data showed approvals for new mortgages hit 38,000 in February, their highest in nearly a year. Earlier this week, Bank of England data showed approvals for new mortgages hit 38,000 in February, their highest in nearly a year.
Simon Hayes, economist at Barclays Capital, said that thanks to "the improvement in mortgage approvals and the rise in buyer enquiries that RICS has been showing, there are tentative indications the housing market may be stabilising". Simon Hayes, economist at Barclays Capital, said that thanks to "the improvement in mortgage approvals and the rise in buyer enquiries that Rics has been showing, there are tentative indications the housing market may be stabilising".
"It may be six months to a year before we see a durable recovery," he added."It may be six months to a year before we see a durable recovery," he added.
Earlier this week the Nationwide said it was to buy the Dunfermline Building Society's branches, good loans and deposits. On Monday, the Nationwide said it was to buy the Dunfermline Building Society's branches, good loans and deposits.
The Scottish mutual was put up for sale after incurring losses of £26m.The Scottish mutual was put up for sale after incurring losses of £26m.
The Nationwide said at the time the deal was confirmed that the 140-year-old brand would keep its name but that there may be redundancies from its back office and support operations.
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