LONDON (Reuters) – British house prices in March marked their strongest pace of growth since 2004, data from mortgage lender Nationwide showed on Thursday.
House prices increased by 1.1% month-on-month in March, Nationwide said. Prices were 14.3% higher than their level a year ago, compared with a median forecast of a 13.5% rise according to a Reuters poll of economists.
“The housing market has retained a surprising amount of momentum given the mounting pressure on household budgets and the steady rise in borrowing costs,” Robert Gardner, Nationwide’s Chief Economist, said in a statement.
(Reporting by Muvija M; Editing by Kate Holton)
