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UK housing market sees 1st drop in 6 months as mortgage rates climb
Posted on April 15, 2024 |
UK house prices fell in March for the first time in 6 months due to more expensive mortgage options and ongoing uncertainty about potential interest rate cuts by the Bank of England.
According to Halifax's house price index, house prices dropped by 1% (£2,908) in March compared to February, with the average property now priced at £288,430. On a year-on-year basis, property prices saw a modest increase of 0.3%.
After adjusting for seasonal factors, the average home price decreased by 0.2% from February to March, reaching £261,142.
Mortgage offerings from lenders have increased slightly since the beginning of the year, with financial markets showing decreased optimism about future interest rate cuts due to higher-than-expected core inflation.
In January, mortgage rates reached a low of 5.55% for an average two-year fixed-rate deal as lenders competed for new customers.
However, rates began to rise thereafter, with the average 2-year fixed rate climbing from 5.59% to 5.76% between February and March, and now standing at 5.8%. Over the same period, the average cost of a five-year fixed-rate mortgage increased from 5.23% to 5.39%.