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House Prices up 0.4%

Posted on Thursday, April 9, 2015

UK house prices rose by 0.4% in March compared with the previous month but the annual rate of property price growth slowed, the Halifax has said.

The lender, part of Lloyds Banking Group, said that property prices were 8.1% higher than a year ago.

This was slightly down on the 8.3% annual house price growth recorded by the Halifax in February.

It said that demand for property was being maintained by earnings growth and low mortgage rates.

However, Halifax's housing economist Martin Ellis said that rising house price and activity in the UK housing market should slow throughout the year as wage growth remained at a comparatively low level.

The lender is sticking with its prediction that annual house price growth will end the year at between 3% and 5%.

This would still mean many potential first-time buyers are likely to see property become increasingly unaffordable.