Mortgage deals sought by home-movers or first-time buyers are likely to be impacted by a slight UK house price decline recorded for March.
According to new figures from Nationwide, the cost of a typical dwelling dipped by one per cent during the four-week period, which means such levels are currently 0.9 per cent lower than that recorded one year earlier.
It was demonstrated that the average price of an abode now stands at £163,327, which is cheaper than February 2012’s figure of £162,712.
The statistics were calculated based on mortgage approvals and Robert Gardner, chief economist at the organisation, noted a slowdown in house price growth was anticipated as a result of the stamp duty holiday drawing to a close.
Mr Gardner explained this break offered a temporary boost to the sector thanks to buyers hurrying purchasing plans that would normally have been carried out later in the year.
He observed: “This dampening effect on housing market activity and prices may fade over the course of the summer, especially if the wider economic outlook begins to improve.”
