The common home value continued to rise in March – however at a slower charge than the earlier month, in accordance with a closely-watched index.
The Halifax Home Worth Index exhibits that common costs rose by 0.8% in March – following a 1.2% rise in February, with the standard UK property now costing £287,880.
The annual charge of home value development slowed to 1.6%, in comparison with the two.1% seen up to now three months.
Kim Kinnaird, director of Halifax Mortgages, mentioned the figures “proceed to recommend relative stability within the housing market”.
“Predicting precisely the place home costs go subsequent is tougher.
“Whereas the elevated value of dwelling continues to place important strain on private funds, the seemingly drop in power costs – and inflation extra typically – within the coming months ought to provide somewhat extra headroom in family budgets.
“Whereas the trail for rates of interest is unsure, mortgage prices are unlikely to get considerably cheaper within the short-term and the efficiency of the housing market will proceed to replicate these new norms of upper borrowing prices and decrease demand. Subsequently, we nonetheless count on to see a continued slowdown by this 12 months.”
Nathan Emerson, chief government of Propertymark, the UK skilled physique for property brokers, mentioned: “Property brokers are seeing a really regular image.
“Whereas winter noticed a slight decline in exercise and due to this fact costs, spring introduced new exercise. This development is regular because the market flows with seasonal modifications in purchaser behaviour.
“We have now loads of houses coming to the market which exhibits sellers are assured and that is the important thing.
“Costs have adjusted to rising rates of interest curbing affordability, however as we head into April and Could, costs could decide up as extra consumers might be on the transfer.”