UK home prices declined for the first time in half a year.

The most recent data from Halifax indicates that house prices decreased in March for the first time in six months.

UK home prices declined for the first time in half a year.
UK home prices declined for the first time in half a year.
According to the lender, prices decreased by 1% last month as prospective purchasers’ affordability was impacted by rising mortgage rates.

The average cost of a home decreased to £288,430, or almost £2,900.

Halifax did note that home prices were still higher than they were the previous year.

In March, prices increased by 0.3% over the previous year, which was less than the 1.6% annual increase that was observed in February.

The monthly decline in prices between February and March, according to Halifax Mortgages director Kim Kinnaird, was “not entirely unexpected, particularly in view of the reset the market has been going through since interest rates began to rise sharply in 2022.”

“Despite this, house prices have shown surprising resilience in the face of significantly higher borrowing costs,” she stated.

“Prospective buyers are still facing financial difficulties, and homeowners who are currently on cheaper fixed-term mortgages are not yet fully experiencing the impact of increased interest rates.”

The results from Halifax are consistent with those of competitor lender Nationwide, which also revealed earlier this week that home prices fell in March.

Rising mortgage rates, according to Sarah Coles, head of personal finance at Hargreaves Lansdown, have “finally taken a toll on the housing market.”.

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