UK annual house price growth rose to 2.2% in March, up from 1.0% in February, suggesting the market regained some momentum after a slowdown at the start of the year.
Across Q1, most regions recorded modest annual price increases, with only two of the 13 regions seeing declines: Outer South East (-0.7%) and East Anglia (-0.4%).
At the other end of the spectrum, Northern Ireland continued to outpace the rest of the UK by a wide margin, with prices increasing by 9.5% over the year.
However geopolitical uncertainty is expected to put downward pressure on values, with price growth expected to remain broadly flat over the next twelve months.
A key factor likely to weigh on price growth is the high level of homes for sale, which is now at an 11-year high. Source: Nationwide, Rightmove, RICS