UK house prices rise by most since Dec 2022, Nationwide data shows
© Reuters. A row of residential houses are seen during sunrise in London, Britain, September 28, 2022. REUTERS/Hannah McKay/File PhotoLONDON -British house prices rose by 1.6% in March compared with a year earlier, the fastest rise since December 2022 although a smaller increase than economists had been expecting, figures from mortgage lender Nationwide showed on Tuesday.
"Activity has picked up from the weak levels prevailing towards the end of 2023 but remain relatively subdued by historic standards," Nationwide economist Robert Gardner said. The Bank of England increased its main interest rate to 5.25%, its highest in more than 15 years, in August 2023. Financial markets see a first cut in June or August, with rates forecast to drop to around 4.5% by the end of the year.
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