Halifax House Price Index shows annual price growth edges up to 3.2%
The House Price Index report by the Halifax shows that prices in the three months to March were 3.2% higher than the same 3 months last year.
- House prices in the three months to March were 3.2% higher than in the same three months a year earlier
- In the latest quarter (January to March) house prices were 1.6% higher than in the preceding three months (October to December)
- On a monthly basis, house prices fell by 1.6%
- The average house price is now £233,181
Russell Galley, Managing Director, Halifax, said:
“The average UK house price is now £233,181 following a 1.6% monthly fall in March. This reduction partly corrects the significant growth seen last month and again demonstrates the risk in focusing too heavily on short-term, volatile measures. Industry-wide figures show that the number of mortgages being approved remains around 40% below prefinancial crisis levels, and we know that lower levels of activity can lead to bigger price movements.
“The more stable measure of annual house price growth rose slightly to 3.2% and is still within our expectation for the year. The need to build up a deposit before getting a mortgage is still a challenge for many looking to buy a property. However, the combined effect of fewer houses for sale and fewer people looking to buy continues to support prices in the long-term.
“These conflicting challenges, when combined with the ongoing uncertainty around Brexit, have had an impact across the country but most notably in London, meaning that we continue to expect subdued price growth for the time being.”
Kindly shared by Halifax