Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 04 06T062723Z 1 LYNXMPEJ3507C RTROPTP 4 BRITAIN ECONOMY HOUSEPRICES - Business Express

UK house prices rise for 3rd month in a row, Halifax says

LONDON (Reuters) – British house prices rose for a third month in a row in March, representing a further calming of the market after the turmoil sparked by former Prime Minister Liz Truss’s “mini-budget” last September, data from mortgage lender Halifax showed.

House prices rose by 0.8% in month-on-month terms, Halifax said on Thursday, the second-strongest gain since June last year after February’s 1.2% increase.

A Reuters poll of economists had pointed to a 0.3% drop on the month.

House prices were 1.6% higher than a year ago.

Halifax said the latest figures suggested relative stability in the housing market at the start of 2023 after Truss’s unfunded – and short-lived – tax cut plans caused borrowing rates to surge in the autumn.

Since then, the Bank of England has extended its run of interest rate hikes although there are signs that it is coming close to reaching a peak for Bank Rate.

“While the path for interest rates is uncertain, mortgage costs are unlikely to get significantly cheaper in the short-term and the performance of the housing market will continue to reflect these new norms of higher borrowing costs and lower demand,” Kim Kinnaird, a director at Halifax Mortgages, said.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

“Therefore, we still expect to see a continued slowdown through this year.”

The figures from Halifax contrasted with those of rival lender Nationwide which said last week that its measure of house prices dropped by 0.8% in March from February, and were down by the most in annual terms since 2009, falling by 3.1%.

But other indicators, such as the BoE’s mortgage approvals data and a measure of asking prices compiled by property company Rightmove, have suggested the market has become more stable in recent months.


(Reporting by William Schomberg; Editing by Kate Holton)


Recent Post: