Housing market continued to slow in March, reveals Halifax

House prices in the UK grew at their lowest levels for four years according to the latest Halifax House Price Index.

In the first quarter of 2017 (Jan to March) house prices were 3.8% higher than the same the period last year but down from February’s figure of 5.1%. This marked the lowest rate increase since May 2013.

Prices in Q1 of 2017 were 0.1% higher than the final quarter of 2016, representing the lowest quarterly rate of change since October last year.

The Halifax said the supply of homes decreased again in February leading to historic levels of low stock for estates agents.

Worryingly for the government’s ambitious housebuilding programme, the lack of new homes coming onto the market was the 12^th consecutive month of a decline in numbers.

The number of mortgage approvals also dropped by 1% between January and February to 68,300.

The average house price in the UK in March was £219,755 – unchanged from the previous two months.

Martin Ellis, Halifax Housing Economist, said: “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.”

Last week, the Nationwide’s House Price Index reported that the price a house in the UK fell for the first time in nearly two years.

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