While relaxing for a few days in the Cotswolds at the beginning of this week, during a lengthy stroll
taking in the bucolic surroundings, I got a little bit sunburned. In fact, the weather was positively glorious.
Yesterday, however, I was shivering in my woolly layers again, cranking up the central heating in bid to keep warm. While still tending to my slightly singed visage.
One could argue that it’s pretty much the same state of affairs with the UK housing market at the moment.
According to the latest Halifax House Price index, released this morning, the average property value fell by 1.6 per cent in March. This after the same index reported a month on month increase in February of 5.9 per cent.
UK property news: House prices drop in March but is ‘data volatility’ to blame?
The figures for the first quarter of 2019 seem to be a little more stable and suggest an average rise of 1.6 per cent over the course of the past three months.
Annually, the Halifax points to an increase in the average house price of 3.2 per cent, bringing the mean property value to £233,181, dropping from the £236,800 as reported last month.
Acknowledging that month on month movements in data can be somewhat mercurial, Russell Galley, managing director of Halifax commented, “The average UK house price is now £233,181 following a 1.6 per cent monthly fall in March.
This reduction partly corrects the significant growth seen last month and again demonstrates the risk in focusing too heavily on short-term, volatile measures.”
Russell continues, “Industry-wide figures show that the number of mortgages being approved remains around 40 per cent below pre-financial crisis levels, and we know that lower levels of activity can lead to bigger price movements.”
UK property news: House prices drop in March but is ‘data volatility’ to blame? (Image: GETTY)
“The more stable measure of annual house price growth rose slightly to 3.2 per cent and is still within our expectation for the year. The need to build up a deposit before getting a mortgage is still a challenge for many looking to buy a property.
“However, the combined effect of fewer houses for sale and fewer people looking to buy continues to support prices
