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Growth in UK house prices slowed in March, according to data from Halifax on Thursday.
According to the mortgage lender, average house prices edged up 0.8% in March on a monthly basis. Growth slowed from a 1.2% climb in February.
Annually, growth in house prices slowed to 1.6% in March, from the 2.1% climb seen in each of the previous three months.
‘This is the weakest rate of annual growth in nearly three-and-a-half years (October 2019), having fallen markedly since June 2022’s peak of 12.5%,’ said Kim Kinnaird, Halifax Mortgages director.
‘However, overall, these latest figures continue to suggest relative stability in the housing market at the start of 2023 and align with many other recent industry surveys and data. 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 latest Bank of England data showing mortgage approvals rising for the first time in six months,’ Kinnaird continued.
House prices rose in all UK nations and regions in March, though most areas saw growth slow during the month, Halifax noted.
The average UK property value was £287,880 in March, compared to £285,660 in February. The price is around 2% below the peak in prices last August.
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