UK house prices were stable last month before coronavirus containment measures were introduced, new data revealed on Tuesday.
UK house prices were 3% higher in March than in the same month last year, according to the latest Halifax House Price Index.
Meanwhile, UK house prices remained flat on a monthly basis.
Last month marked a turning point for Britain in the fight to stop the spread of coronavirus, as the British government introduced stricter social distancing policies.
Halifax managing director Russell Galley said: “The UK housing market started March on a similar note to the previous month, as key market indicators showed sustained levels of buyer and seller activity.” Commented on the data.
“While overall average house prices for the month were little changed from February’s record high, annual growth reached ~3%,” continued Russell Galley.
“All of these factors highlighted a positive trajectory and increasing momentum to begin the year, with confidence rising as political and economic uncertainty eased.” However, the country’s response to the coronavirus pandemic It’s clear that we ended this month in a completely different realm as a result of our response,” said Russell Galley.
The managing director added that most market activity has been “paused” as people follow the government’s stay-at-home guidelines.
Meanwhile, real estate agents, surveyors, and transport companies are temporarily closed.
“With showings canceled and movers encouraged to put transactions on hold, activity will inevitably decline sharply in the coming months.With little data available, average house price calculations “It should be noted that this is likely to be more difficult in the short term,” said Russell Galley.
“However, it is still too early to properly assess what long-term impact the current lockdown is likely to have on the UK housing market. , much will depend on how long it takes for restrictions to be lifted, the pressures placed on the economy in the meantime, and the impact this will have on consumer sentiment.
