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The average UK house price fell 0.5% in March, faster than in February, although the annual growth rate remained the same, Halifax reported on Monday. The Halifax house price index found that the average UK house price fell by 0.5% in March to £296,699, against a 0.2% decline to to £298,274 in February. The annual rate of growth remained at positive 2.8%, unchanged from February. ‘House prices rose in January as buyers rushed to beat the March stamp duty deadline,’ commented Halifax Head of Mortgages Amanda Bryden. ‘However, with those deals now completing, demand is returning to normal and new applications slowing. ‘Our customers completed more house sales in March than in January and February combined, including the busiest single day on record. Following this burst of activity, house prices, which remain near record highs, unsurprisingly fell back last month.’ She continued: ‘Looking ahead, potential buyers still face challenges from the new normal of higher borrowing costs, a limited supply of available properties to choose from, and an uncertain economic outlook. ‘However, with further base rate cuts anticipated alongside positive wage growth, mortgage affordability should continue to improve gradually, and therefore we still expect a modest rise in house prices this year.’ London houses remain the most expensive at an average of £543,370, although price growth slowed on-month to 1.1% from 1.5%. ‘In England, Yorkshire and Humberside also saw strong growth, up 4.2% year on year, with properties now costing an average £215,807,’ Halifax said. Northern Ireland saw the UK’s strongest annual price growth, rising 6.6% on-year in March to an average of £206,620. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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