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WEDNESDAY 30TH MARCH 2005  NATIONWIDE SEES SOFT LANDING FOR UK PRICES Prices fell 0.6% in March, said Nationwide today, the biggest drop since June 1995 and as a result, annual house price growth dipped to 7.9% - the first time the yearly growth rate has fallen below 10% since 2001. However, the society said it was convinced the signs pointed to a soft landing. Commenting on the figures Alex Bannister, Nationwide's Group Economist said: "When seasonal factors are taken into account, the price of the average house fell by 0.6% in March. While this is the biggest monthly fall in prices since June 1995, looked at in context it confirms our view that the market is experiencing a soft landing." "The fall in March follows small rises in January and February and is consistent with our expectation that house price movements in 2005 would be characterised by rises in some months and falls in others. Seasonal adjustments hide the fact that the average house price actually increased by about £1,000 in March." The annual rate of house price inflation fell to 7.9% from 10.2% in February - its slowest rate since June 2001. The price of a typical property is now £153,876, just over £11,000 more than in March 2004. "While levels of housing market activity slowed in January with approvals falling back to 79,000 from 82,000 in December, we do not believe that this signals a continued slowdown in activity," said Mr Banister. "Rather we expect the number of approvals will have bounced back in March to reach about 84,000, given the favourable economic conditions of low unemployment and relatively high consumer confidence." Nationwide said that homeowners and buyers were becoming increasingly realistic about the potential for further house price growth. While expectations had come down to earth in London a year ago, it was only recently that buyers in the rest of the country had downgraded their view of future house price inflation. The uncertainty over interest rates may cause house buyers to be a little more cautious in the coming months, but the economic fundamentals still look fairly good. Recent steady growth in earnings and rising employment and equity prices has helped to underpin consumers’ confidence. Nationwide’s own survey of confidence showed that consumers remain optimistic and the relatively neutral Budget is unlikely to have a negative impact on sentiment. The increase in the stamp duty threshold, while limited in its effect in the South, is particularly welcome for first-time buyers and movers in lower priced areas. In Northern Ireland for example, the proportion paying stamp duty as a result of the changes falls from 85% to 30% whereas in London the proportion falls from 99% to 91%.

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