Annual
growth
in
UK
house
prices
slowed
last
month,
and
they
went
back
into
decline
on
a
monthly
basis,
numbers
from
mortgage
lender
Halifax
showed
Friday.
UK
house
price
growth
ebbed
to
0.3%
year-on-year
in
March,
Halifax
said,
from
a
1.6%
hike
in
February.
Prices
fell
1.0%
in
March
from
February,
having
risen
0.3%
in
February
from
January.
It
was
the
first
monthly
fall
since
September,
while
the
annual
reading
was
the
tamest
since
November.
“That
a
monthly
fall
should
occur
following
five
consecutive
months
of
growth
is
not
entirely
unexpected,
particularly
in
view
of
the
reset
the
market
has
been
going
through
since
interest
rates
began
to
rise
sharply
in
2022,”
Halifax
analyst
Kim
Kinnaird
said.
“Despite
this
house
prices
have
shown
surprising
resilience
in
the
face
of
significantly
higher
borrowing
costs.
“Affordability
constraints
continue
to
be
a
challenge
for
prospective
buyers,
while
existing
homeowners
on
cheaper
fixed-term
deals
are
yet
to
feel
the
full
effect
of
higher
interest
rates.
This
means
the
housing
market
is
still
to
fully
adjust,
with
sellers
likely
to
be
pricing
their
properties
accordingly.”
By
Eric
Cunha,
Alliance
News
news
editor
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