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British house prices growth slows to 5.1 pct in March

Xinhua, March 27, 2015 Adjust font size:

British house prices growth softened to 5.1 percent in March from 5.7 percent in February on year-on-year basis, data by Nationwide Building Society showed Friday.

British average house price was 189,454 pounds (about 282,000 U.S. dollars) in March, merely 0.1 percent higher than the previous month, the British mortgage provider said in a press release.

In the first quarter of 2015, British house prices increased by 0.5 percent over the previous quarter, slightly lower than the 0.8 percent growth recorded in the three months to February.

Robert Gardner, chief economist at Nationwide, said that Britain's economic conditions have remained supportive, with labor market conditions continuing to improve and mortgage interest rates closing at all-time lows.

"Nevertheless, the pace of housing market activity has remained subdued, with the number of mortgages approved for house purchase in January around 20 percent below the level prevailing one year ago," he noted.

Earlier this week, data from the Office for National Statistics (ONS) showed that Britain's house prices increased by 8.4 percent in the year to January 2015, down from 9.8 percent in the year to December 2014. (1 pound = 1.49 U.S. dollars) Endit