Growth in UK house prices slowed significantly in the year to March, research published by Halifax has revealed. House prices rose by 3.8% – the lowest rate since 2013. This is down from 5.1% in the year to February.
The average house price in the UK is now £219,755, according to Halifax.
Martin Ellis, Housing Economist at Halifax, commented: ‘The annual rate of house price growth has more than halved over the past 12 months.
‘A lengthy period of rapid house price growth has made it increasingly difficult for many to purchase a home, as income growth has failed to keep up, which appears to have curbed housing demand.
‘Nonetheless, the supply of both new homes and existing properties available for sale remains low. This, together with historically very low mortgage rates, is likely to support house price levels over the coming months.’
A separate report by the Centre for Economics and Business Research (CEBR) has suggested that the average house price in the UK is set to rise to £220,000 this year, ‘despite Brexit negotiations’.