Halifax house price index for March sees the first fall in house prices since December 2013, however this is only the 2nd fall in Monthly prices over the least year.

Halifax HPIHalifax house price index for March sees the first fall in house prices since December 2013, however this is only the 2nd fall in Monthly prices over the least year.

Key facts

  • Average UK House prices fallen by -1.1% in March 2014
  • The more stable quarterly change was +2.3% with an annual increase of +8.7%
  • Average UK House price is now £178,249

Commenting, Stephen Noakes, Mortgages Director, said:

“Although house prices fell in the month, prices in the three months to March were 2.3% higher than in the final quarter of 2013. The annual rate of increase rose with prices in the three months to March 8.7% higher than in the same three months last year.”
 
“Housing demand continues to be supported by an improving economic outlook, growth in employment, rising consumer confidence and low interest rates.
 
“The recent strengthening in house price is increasing the amount of equity that many homeowners have in their home. This will potentially encourage and enable more owners to put their property on the market for sale over the coming year, therefore boosting supply and easing pressure on prices.”

Halifax states how mortgage approvals have eased although home sales are on the up as demonstrated by the HMRC home sales increases and the Bank Of England mortgage lending.

The lack of supply is also stated as continuing to add pressure on prices to increase as we go through the year as expressed by the RICS statistics released last month.