UK’s annual house price growth remains subdued

LONDON

The U.K. house price growth remained broadly stable in March at 2.1 percent, slightly down from the 2.2 percent the previous month, according to the Nationwide building society.

The U.K. annual house price growth was steady at 2.1 percent in March while London was the weakest performing region with house prices down 1 percent year-on-year, according to Nationwide House Price Index.

The average price of a home was £211,625 ($297,639) last month in the U.K.

“Consumer confidence has remained subdued, due to the ongoing squeeze on household finances as wage growth continues to lag behind increases in the cost of living,” said Robert Gardner, Nationwide's Chief Economist.

“Looking ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.” he added.