Halifax house price figures show
After months of lacklustre growth, British house prices rose by a stronger-than-expected 2.7 per cent in the first three months of 2018, according to figures from Halifax, the UK’s biggest mortgage lender.
In monthly terms, prices rose by 1.5 per cent in March from February, hitting the average price of £227,871.
Russell Galley, managing director at Halifax, said: “Activity levels, like house price growth, have softened compared with a year ago. Mortgage approvals are down compared to 12 months ago, whilst home sales have remained flat in the early months of the year. This lack of direction in the housing market is in stark contrast to the continuing strength of the UK jobs market.”
However, house prices are still rising much more slowly than before the 2016 referendum decision to take Britain out of the European Union which hit confidence among many households and their spending power as the pound’s fall pushed up inflation.