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UK home prices unexpectedly signed in March, according to lender Halifax. Key interest rates on our tariffs fell in April, according to lender Halifax.
After a 0.2% decline in the previous month, average home prices fell 0.5% between February and March, with an average cost of £296,699, data showed Monday.
Home prices have increased 2.8% from March last year and remained unchanged in February.
According to LSEG Polling, the move contrasted with analysts’ expectations, with an increase of 0.1% month to a month with an annual expansion of 3.5%.
“Home prices rose in January and buyers hit the March stamp duty deadline. But with these transactions being completed, demand will return to normal applications and new applications will slow down,” said Amanda Bryden, head of mortgages at Halifax.
Stamp work leave, which was introduced in September 2022 when mortgage interest rates rose rapidly, ended in March.
The first buyer’s home purchase, completed on April 1, will begin paying taxes on properties over £300,000, rather than the current £425,000 pounds, making similar changes to non-initial buyers.
The decline came before US President Donald Trump announced import duties on goods to the US, prompting a fall in stocks around the world and a decline in swap rates, which form the mortgage rates offered by lenders.
Mark Harris, CEO of Mortgage Broker SPF’s private clients, said if Swap Rate is down, “lenders can handle a five-year fixed-rate gust of winds starting with “3” and “3.”
He said:
“We’re looking forward to seeing you in the future,” said Riz Malik, mortgage broker at Financial Adviser R3 Wealth.
However, Ashley Webb, UK economist at Capital Economics, said lenders would “presumably look into a sharp drop in market interest rates until US tariffs are resolved.”
Halifax’s Briden is hoping to see a “slightly rising” home prices this year, helping the Bank of England cut interest rates further and wages continue to accelerate.
However, she said, “Potential buyers still face challenges due to new normal challenges with higher borrowing costs, limited supply of available assets and an uncertain economic outlook.”
Halifax data showed Northern Ireland continues to record the strongest property prices growth in any country or region, rising 6.6% in March to an average of £206,620.
London continued to be the most expensive market with an average home price growth of 1.1% in March, with an average home price of £543,370.
Figures released last week by lenders across the country show housing prices stagnated in March. BOE reported last week that mortgage approvals had dropped slightly in the first two months of the year.
