House prices rise for third month in a row

Halifax has revealed that the average UK house price increased by 0.8% month on month in March to £287,880, which followed rises of 0.2% and 1.2% in January and February. The increase defied economists’ expectations of a 0.3% fall. However, the annual rate of house price growth eased to 1.6% in March, its weakest level in more than three years. Kim Kinnaird, director of Halifax Mortgages, said the market had been helped by the easing in borrowing costs since the “sudden spike” in November and December which was caused by the chaos following the disastrous mini-budget of Liz Truss and Kwasi Kwarteng. Kinnaird said that “overall these latest figures continue to suggest relative stability in the housing market at the start of 2023”. She added there had been a “partial recovery in activity and transactions, especially when compared to the significant drops seen at the end of last year, with latest Bank of England data showing mortgage approvals rising for the first time in six months”. 

Financial Times (07/04/2023)   The Guardian (07/04/2023)   The Independent (07/04/2023)   The Times (07/04/2023)