UK House Price Growth Slows to 1.6% as Affordability Squeeze Intensifies

• House price growth was subdued in March, rising just 1.6% annually amid higher mortgage rates affecting affordability • Prices fell 0.2% in March alone - the first monthly drop since December 2022 • Mortgage rates remain well above low pandemic-era levels, keeping pressure on buyers' budgets • Northern Ireland and North of England saw stronger price growth of 4.6% and 1.7% respectively due to greater affordability • Nationwide expects rates to fall this year, gradually improving affordability, but it will take time to make a big difference