UK house prices fall in March after 5 consecutive monthly increases

News

Stay informed with free updates

UK house prices fell 1 per cent in March from February, marking their first fall after five consecutive monthly rises and surprising economists who had expected a slight increase.

Mortgage lender Halifax, which compiled the data, said the fall showed that rising borrowing costs “continue to be a challenge” to buyers and that prices had shown surprising resilience in previous months.

The average price in March was 0.3 per cent higher than a year earlier, a much smaller annual rise than the 1.45 per cent expected by economists polled by Reuters.

In a note to clients, Capital Economics said: “Looking ahead, we expect mortgage rates to remain higher than in January and February and hover at just under 5 per cent over the coming months, which will subdue demand and prevent further gains in house prices.”

This is a developing story

Articles You May Like

Israel bond lawsuit brings Florida’s anti-ESG law into play
Washington airport authority is coming to market with $829 million
Tax measure for ailing Bay Area transit system advances, with caveat
Police drop probe into claims Angela Rayner broke electoral law
Colorado property tax growth limit is a negative credit factor: Moody’s