UK house price growth falls to 3.8%, the lowest annual rate since May 2013 : Halifax
UK house prices in the three months to March were 3.8% higher than in the same period a year ago; down from 5.1% in February , according to the Halifax House Price Index. This was the lowest annual rate since May 2013 (2.6%). The annual rate is less than half the 10.0% peak reached in March 2016.
Prices in the three months to March were 0.1% higher than in the preceding quarter.
Martin Ellis, Halifax housing economist, said:
“House prices in the three months to March were 0.1% higher than in the previous quarter; the lowest quarterly rate of change since October 2016. The annual rate of growth fell further; to 3.8% from February’s 5.1%, the lowest rate since May 2013.
“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.
“Nonetheless, the supply of both new homes and existing properties available for sale remains low. This, together with historically very low mortgage rates, is likely to support house price levels over the coming months.”