UK house price sentiment steady in March
March’s reading was the eighth consecutive month that the index has been in positive territory.
Some 20.8% of the 1,500 households surveyed across the UK said that the value of their home had risen over the last month, while 5.9% said that prices had fallen.
This resulted in a HPSI reading of 57.5, unchanged compared with February.
Any figure over 50 indicates that prices are rising, and the higher the figure, the stronger the increase.
Any figure below 50 indicates that prices are falling.
While still positive, house price sentiment remains comfortably below its peak of 63.2 reached in May 2014.
As in the wider housing market, there remain fairly large regional variations.
Households in nine of the 11 regions covered by the index perceived that the value of their property rose in February.
Households in the South East (64.4) reported the biggest rise over the course of the month, closely followed by Londoners (64.0).
Those living in the North East (48.2) and Wales (49.3) were the exceptions, with households reporting a slight fall in prices over the course of the month. ■