Annual Growth Amid Monthly Decline

The UK housing market experienced a 2.8% increase in house prices annually as of March, according to the latest Halifax House Price Index. However, a slight monthly decrease of 0.5% was noted, bringing the average house price to £296,699.

Market Challenges Ahead

Amanda Bryden, Head of Mortgages at Halifax, highlighted several obstacles for potential buyers, including higher borrowing costs, a scarce supply of properties, and an uncertain economic future. These factors contribute to a challenging environment for those looking to enter the housing market.