Property prices in the UK fell slightly last month.
That’s according to the most recent data from the Halifax. The dip was slight – from £298,274 in February to £296,699 in March.
That meant a monthly drop of 0.5%. However, year-on-year, prices were up 2.8%.
Regionally, the highest annual property growth in England was in Yorkshire and the Humber, with a monthly increase of 4.2%. In Scotland it was 4.3% and Wales 3.7%. Northern Ireland had the highest jump, at 6.6% growth for the average property there.
Twice as many properties sold in March
A spokesperson for the Halifax said the market was now returning to normal after the Stamp Duty rush.
“Our customers completed more house sales in March than in January and February combined, including the busiest single day on record,” she added.
Despite this, many property analysts remain hopeful that future mortgage interest rate cuts will result in a bustling market again. That’s because the Bank of England is expected to cut it is base rate several times later this year. Wages are also expected to go up.
Good news for future fixed deal mortgage rates
Mark Harris, chief executive of mortgage broker SPF Private Clients, also brought in a glimmer of optimism for would-be buyers. He said Donald Trump’s tariffs had increased the likelihood of better mortgage deals.
He explained: “If this continues, lenders could respond with a flurry of five-year fixed rates starting with a three as opposed to the current position of only one or two [mortgage rates] priced under 4%.”
All areas see an annual rise in prices
After Yorkshire & the Humber, the next biggest property price rises in England were in the North West (3.8%), West Midlands (3.3%), East Midlands (2.9%), the North East (2.3%) and South East (2%). In Eastern England prices increased by 1.7%, while in London the jump was 1.1%. The rise was lowest in the South West, with just 1%.