LONDON (AFX) - UK March house prices rose a seasonally adjusted 1.4 pct from February, leaving them 7.2 pct up on the same month a year earlier, according to the latest monthly survey from the Nationwide building society.
Nationwide's divisional director David Parry said the rise reflects a strong start to the housing market in 2001.
"However, because prices rose very strongly in the first quarter of last year, annual house price inflation moderated to 7.2 pct at the end of March," he added.
"The current figures are consistent with the steady downward trend in annual house price inflation which has been in place for the last eleven months. We believe the housing market remains in line with our forecast of 7.0 pct by the end of 2001," Parry said.
The building society reported the average UK house price rose to 85,077 stg in March from 83,314 stg the previous month.