House prices have carried on rising in March, yet the market is getting weaker the Halifax has revealed.
In March the average property value went up 1% to £194,362. That is 11.1% higher than in March 2006.
Nonetheless, the market is getting slower.
House prices went up 1% in March, with the second slightest monthly increase in prices since August 2006.
Prices are still going up. Pressure on householders' finances, partly due to the rise in interest rates since last summer, are dampening housing demand with evidence of reduced market activity.
Interest rates have risen three times since August, and experts are anticipating another rise in May.
In the last quarter house prices have gone up only 2.8% according to the Halifax house price index. That is well below the 4.2%increase recorded in the final three months of 2006.
Recent rises in interest rates, negative real earnings growth as well as above inflation council tax bill increases are going to lead to slower house price growth over the next months.
A continuing shortage of housing supply is going to support house prices.
House prices in Scotland went up the most, by 7.5% since January.
Then the next biggest house price rises were in the south-west (5.4%) and Wales (4.9%).
The smallest increases in the past three months were in the east Midlands (0.2%), Yorkshire and the Humber (0.6%).
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Tue, 10 Apr 2007
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