Average house prices increased by 0.8%
House prices in the UK rose for a third month in a row in March, which represents a further calming of the housing market, reports mortgage lender Halifax.
Average house prices increased by 0.8% in month-on-month terms, says Halifax’s latest House Price Index, which is the second strongest increase since June last year after February’s 1.2% rise.
'Some stability has returned'
Kim Kinnaird, director at Halifax Mortgages, says while the market is still recovering from the mini-budget, the latest figures would suggest some stability has returned to the housing market at the start of 2023.
“This has been characterised by a partial recovery in activity and transactions, especially when compared to the significant drops seen at the end of last year, with the latest Bank of England data showing mortgage approvals rising for the first time in six months,” she said.
“While rates remain much higher than the average of the last decade, across the industry a typical five-year fixed rate deal (75% LTV) is down by more than 100 basis points over the last few months,” Kinnaird added.
An expected fall in inflation over the coming months could further aid the recovery, but mortgage costs are unlikely to get “significantly cheaper in the short term” while the housing market will reflect the new norms of higher borrowing costs and lower demand.
Thinking of moving?
If you are thinking of moving it’s important to ensure you get the best outcome possible and Preston Baker Estate Agents will help you achieve this.
We will give you a free property consultation and valuation and tell you how much your property is worth. We will help and guide you through the whole moving process and can help find your onward move.
Book your free property consultation and valuation now.
