The value of the average home rose 0.4 per cent, or £365 to £87,453, taking annual inflation to 4.1 from 3.4 per cent in February.Martin Ellis, chief economist for Halifax, said the prospects for the housing market were good: "The sound economic background, falling interest rates and affordability levels that are not stretched should all continue to support demand."On Tuesday, Nationwide building society said prices rose 1.4 per cent on the month, to push them 7.2 per cent higher on the year. But the Confederation of British Industry said high street sales would be hit next month as shoppers reined in spending plans. Its monthly survey showed sales growth unchanged from February to March, while its forward-looking indicator pointed to a slowdown this month.Alastair Eperon, the chairman of the survey panel, said: "With sales expected to grow more slowly, retailers will be monitoring the effect of the US slowdown on the European and UK economies.". Europe's major car manufacturers set themselves on a collision course with Bernie Ecclestone's Formula One motor racing championship yesterday, when they announced plans to set up a rival racing series after 2007. Europe's major car manufacturers set themselves on a collision course with Bernie Ecclestone's Formula One motor racing championship yesterday, when they announced plans to set up a rival racing series after 2007.The decision by the European Car Manufacturers Association is a protest against control of the Formula One broadcasting rights company passing to Kirch and EM.TV, two German media groups which specialise in pay television.

After pouring millions into developing winning racing teams which promote their brands, the major car companies want Formula One races to be broadcast on free-to-air television to ensure the maximum possible audience.Paulo Cantarella, chief executive of Fiat and chairman of ACEA (the European car manufacturers association) said: "As a result of recent developments and in the best interests of motor sport, it has been unanimously agreed to establish a joint company, the purpose of which will be to establish, as soon as possible, a new single-seat open-wheel racing car championship." The ACEA has the power to pull the rug from under Formula One as its members control, or supply engines to, most of the most successful teams. The members include Fiat (which owns Ferrari) BMW (Williams), Daimler Chrysler (McLaren), Ford (Jaguar) and Renault (Benetton).The ACEA said it was committed to participating in the Formula One championship until 2007. After that, it claims, the manufacturers will start a rival series. It is not clear if this is brinkmanship to warn off the German groups from moving some races to pay-per view.EM.TV said: "We don't see the talks with the car makers as being broken but we can't say what will happen after 2007." It added: "It took Bernie Ecclestone a long time to build Formula One into what it is now To build up an alternative would take a lot of effort.". Nationwide, the largest building society in the UK, is very unlikely to allow members to vote on its mutual status at this summer's annual meeting, after successfully seeing off an attempt by one of its members to trigger conversion. Nationwide, the largest building society in the UK, is very unlikely to allow members to vote on its mutual status at this summer's annual meeting, after successfully seeing off an attempt by one of its members to trigger conversion. Carpetbaggers have called on the society to hold a vote anyway because its chief executive, Brian Davis, has in the past emphasised that he would not shy away from the issue of conversion. Conversion would trigger windfalls of around £700.However, the society yesterday quashed rumours that it would initiate its own vote at the 19 July AGM.A spokesman for Nationwide said: "As none of our 10 million members can or want to come up with a conversion resolution that is valid, it is not reasonable for them to say we should put a vote ourselves."Earlier this week, Nationwide dismissed the resolution from Andy Muir, a member.

Mr Muir also called for the end to the society's charitable trust, which requires all new members from November 1997 to sign away any windfalls they might receive. Nationwide said the trust could not be dissolved because it is legally binding.The society will allow resolutions put forward by another member, Tim Tanner, which call for a range of changes to make Nationwide's board more accountable to its members, but they would not trigger conversion.No other resolutions can be put forward for the AGM on 19 July, as the deadline for submissions was yesterday.Nationwide has already thwarted carpetbaggers in votes in 1997 and 1998, led by the retired butler Michael Harden.. News Corp, the media group controlled by Rupert Murdoch, yesterday confirmed that its attempt to take control of DirecTV, the US satellite broad- caster, was proving "extraordinarily difficult". News Corp, the media group controlled by Rupert Murdoch, yesterday confirmed that its attempt to take control of DirecTV, the US satellite broad- caster, was proving "extraordinarily difficult". Hughes Electronics, which owns DirecTV, and its parent General Motors have been negotiating to sell Hughes to News Corp since last autumn to create a global pay TV group worth about £50bn.Lachlan Murdoch, deputy chief operating officer and the eldest Murdoch son, commented on the acquisition talks by saying: "At this stage it is hard for me to comment on our talks except to say they have been extraordinarily difficult."Last month, Hughes chairman Michael Smith underlined the difficulties in the talks when he told analysts that the News Corp offer, which has not been made public, was inadequate.Lachlan Murdoch also said that the flotation of Sky Global ­ a holding company for News Corp's various satellite interests, including the 38 per cent stake in BSkyB that is planned for the first quarter ­ had been postponed."We're still on track to have an IPO of our Sky Global Networks, regardless of what transpires in the Unites States," he said, adding: "We obviously would not go out in today's market."Investment bank Salomon Smith Barney said recently in a report that the General Motors board was expected to meet early in April so it can "again consider the Hughes-Sky Global transaction". News Corp is also talking to EchoStar Communications, the number two US satellite TV operator.Shares in News Corp closed down 14 cents yesterday, or 1 per cent, at A$15.01, just above the three-month low.Analysts have recently graded down their March third-quarter and full-year earnings estimates for News Corp, citing declining advertising at its Fox TV network and cable stations and disappointing movie releases at Twentieth Century Fox.Still, Lachlan Murdoch said, "we have a strong upcoming schedule", and the company remains on target to reach its earlier year to June operating profit forecast of $1.75bn to $1.85bn.. The break-up of EMI Group moved a step closer yesterday after Thomas Middelhoff, chief executive of Bertelsmann, the German media group, confirmed that merger talks between the companies could go on until June.