UK house prices fell by 1.0% monthly in March, first drop since September

From Morningstar: 2024-04-05 05:35:00

UK house prices saw annual growth slow last month, dropping back into decline on a monthly basis, according to Halifax. With a 0.3% year-on-year increase in March compared to 1.6% in February, prices fell by 1.0% monthly. This marks the first monthly fall since September and the smallest annual growth since November.

Halifax analyst Kim Kinnaird noted that the market is readjusting after sharp interest rate hikes in 2022, impacting affordability for buyers. Despite higher borrowing costs, house prices remain resilient. The housing market is still adjusting, with existing homeowners on fixed-term deals yet to feel high interest rates’ full impact. Sellers may adjust pricing accordingly, Halifax emphasized.



Read more at Morningstar: House Prices Fall For First Time Since September