Market Update - March 2010

The house price index is based on month-on-month (m/m) figures, comparing March house price index against the previous month of February. It will also provide an overview of the performance during March in comparison to the same time last year.

The Nationwide recorded a rise of 0.7% in house prices for March against the previous month. Prices were similar to those in January this year, with the surprise drop in February not repeated in March. The average house is now worth £164,519, an increase of £3,199 against February and 9.0% higher than the same time last year where the average property was worth £150,946.

According to Halifax house prices in March rose by 1.1% against February, an indication that last months decline was not the start of a downward trend. The average house is now worth £168,521 an improvement against the previous month by £1,818 and a 5.2% increase on March 2009 where the average property was worth £157,622.

The rise in house prices during March for both The Nationwide and Halifax suggest that the drop in February was not the start of a downward trend with this months figure suggesting that house prices still have some life.

Results are still showing that the market is in a better condition than this time last year, with both The Nationwide and Halifax recording higher average house prices against the same time last year.