2019.03.2903:50:00UTC+00UK House Price Inflation At 4-month High: Nationwide

UK house price inflation accelerated more-than-expected in March to its highest level in four months, survey data from the Nationwide Building Society showed on Friday.

The house price index rose 0.7 percent year-on-year following a 0.4 percent increase in February. Economists had forecast a 0.6 percent gain.

The latest house price inflation rate was highest since November, when it was 1.9 percent.

England recorded its first annual price fall since 2012. House prices decreased in London and the South East in March.

Compared to the previous month, house prices grew 0.2 percent in March, while they were expected to remain stable.

February's original 0.1 percent decline was revised to stability.

In March, the average price of a UK home rose to GBP 213,102 from GBP 211,304 in February.

In the first quarter of 2019, house prices grew 0.4 percent year-on-year and 1.3 percent from the previous three months.

London was the weakest performing region in the first quarter, with prices falling 3.8 percent from a year ago.

That was the fastest pace of decline since 2009 and the seventh consecutive quarter in which prices have declined in the capital, the Nationwide said.