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UK Halifax House Prices Reach Record High In March

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UK house prices grew at the fastest pace in six months in March to hit a new record high, survey data from the Llyods Bank subsidiary Halifax showed Thursday.

House prices gained 1.4 percent in March from February, when prices were up 0.8 percent. This was the fastest growth since September.

Average property price reached another new record high of GBP 282,753.
On a yearly basis, house price inflation moderated slightly to 11.0 percent in March from 11.2 percent in February.
Although there is some recent evidence of more homes coming onto the market, the fundamental issue remains that too many buyers are chasing too few properties, Russell Galley, managing director at Halifax, said.

Galley said the effect on house prices makes it increasingly difficult for first-time buyers looking to make their first step onto the ladder, but also challenges homemovers who face ever bigger leaps to move up the rungs to a larger property.

Nonetheless, property buyers are dealing with the prospect of higher interest rates and a higher cost of living, Galley noted. With affordability metrics already extremely stretched, these factors should lead to the slowdown in house price inflation over the next year.

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