Housing market weakens, ODPM figures suggest

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New figures on the housing market from the Office of the Deputy Prime Minister suggest annualised house price inflation fell sharply in March compared with the previous month.

The figures go against the grain set by announcements from Nationwide, Halifax and Rightmove in recent weeks that the traditional spring market is as strong as ever – a factor cited by the Bank of England in its decision to raise interest rates last week. Prices are rising nationally at an average of just 7.8% on an annualised basis, the ODPM says, while prices in London are rising at an even lower rate of 4.9%, according to its latest figures. Compare that with cash deposits, which in some instances are receiving rates of interest of about 6%. Northern Ireland was the only home co...

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