According to the Nationwide, house price growth is continuing a trend of stagnation. This trend is now in its seventh straight month. House price growth is a fundamental measure of activity within the market, and many blame the condition on the impending general election. Important decisions affecting the market will be laid out at the conclusion of the election.

March saw house price growth decline more than 5% during the month, which is down from almost 6% from the month prior. House prices inched up 0.1% during the final month of the first quarter of the year. This results in the average house price settling in at almost £190,000.

London continues to lead the UK in growth, accompanied by the South East of England. However, the Nationwide did mention there was a softening which has taken place in the capital city.

Remortgages continue to be subdued as well, however, many house owners are obtaining more equity through the process. This has resulted in many home renovations being taken on, more old debt taken care of, and more holidays being planned. The remortgage continues to be a subtle, but incredibly effective method to lower monthly house payments and release funds which can be available.

Robert Gardner, Nationwide's chief economist, commented on the current state of the housing market, saying: "Economic conditions have remained supportive, with labour market conditions continuing to improve and mortgage interest rates close to all-time lows.

"Nevertheless, the pace of housing market activity has remained subdued, with the number of mortgages approved for house purchase in January around 20% below the level prevailing one year ago."