Halifax House Price Index for March 2019!

Despite the ongoing uncertainty with how we are going to leave the EU, or even if we are going to leave, prices have still risen in the three months to March by 1.6% according to the Halifax House Price Index.

The report, released today, says House prices in the three months to March were 2.6% higher than in the same three months a year earlier but are down on a monthly basis by 1.6%. The average house price is now £233,181, down from £236,800 in the last Halifax House Price Index.

Russell Galley, Managing Director, Halifax, said: “The average UK house price is now £233,181 following a 1.6% monthly fall in March. This reduction partly corrects the significant growth seen last month and again demonstrates the risk in focusing too heavily on short-term, volatile measures. Industry-wide figures show that the number of mortgages being approved remains around 40% below pre-financial crisis levels, and we know that lower levels of activity can lead to bigger price movements.

“The more stable measure of annual house price growth held steady at 2.6% and is still within our expectation for the year. The need to build up a deposit before getting a mortgage is still a challenge for many looking to buy a property. However, the combined effect of fewer houses for sale and fewer people looking to buy continues to support prices in the long-term.

“These conflicting challenges, when combined with the ongoing uncertainty around Brexit, have had an impact across the country but most notably in London, meaning that we continue to expect subdued price growth for the time being.”

What is the Halifax House Price Index

The Halifax House Price Index is the UK’s longest running monthly house price series with data covering the whole country going back to January 1983 and you can see the Halifax House Price Index here.

We await the conclusion of the political battle in Westminster and the final outcome of the Brexit debacle. But, in the meantime, prices for those developers currently marketing seem to be holding up most areas. We look forward to seeing what the Nationwide have to say a little later this month!

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