Nationwide house price data released

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Nationwide house price data released

Nationwide has published encouraging data on house prices, showing a slowdown in the rate of annual decline.

The building society claims that house prices in March showed a year-on-year decrease of 15.7 per cent - compared to 17.6 per cent during the previous month.

Additionally, the monthly change saw a rise of 0.9 per cent, following a 1.9 per cent slide between January and February.

The average house price now stands at £150,946 - up from £147,746 in the preceding month.

Nevertheless, Nationwide's chief economist Fionnuala Earley warned against reading too much into the relatively positive figures.

"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," she said.

This week, the society announced it is to cut the rate of interest on a selection of its fixed-rate and tracker mortgages by up to 0.25 per cent.

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