Today’s latest Halifax House Price Index shows house prices grew by 1.4% in March, making it nine consecutive months of price growth in the UK housing market.
Halifax also revealed the latest average house price hit £282,753, up £28,113 when compared to the figure this time last year.
The continued house price growth has been underpinned by resilient demand and continuing low levels of supply. Confidence in the fundamentals of the market remains high but buyers will need to act quickly in response to the pace of the market, as our Chief Executive Officer, Jason Tebb, explains:
“As we head towards Easter and what tends to be a busier time of year for buying and selling homes, the market continues to break records. With the biggest increase in monthly house price growth for six months and average prices reaching another record high, there remains a remarkable level of confidence in the housing market.
“Buyer and seller sentiment continued unabated in March despite considerable upheaval in the wider economy and the cost of living crisis. The market continues to adjust to a ‘new normal’, an elevated, faster-paced version of what we saw pre-pandemic. We’re seeing an uptick in new homes coming to market, as you’d expect for this time of year, but still not enough to keep pace with demand. It’s time for buyers to be bold and decisive or risk missing out.”
