Some of the bigger-than-expected 0.4% m/m rise in Nationwide house prices in February (consensus and Capital Economics forecast 0.2% m/m), which followed the muted 0.1% m/m rise in January, may reflect housing activity being brought forward ahead of stamp duty becoming more onerous on 1st April. Either way, it suggests that the housing market continues to shrug off both the weak economy and the recent rises in mortgage rates.
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