Annual Growth Amidst Monthly Decline

The Halifax House Price Index report highlighted a 2.8% annual increase in UK house prices for March, despite a slight 0.5% decrease from the previous month. The average house price was recorded at £296,699.

Challenges for Potential Buyers

Amanda Bryden, Head of Mortgages at Halifax, pointed out the hurdles facing potential buyers. "The new normal includes higher borrowing costs, a scarce supply of available properties, and an uncertain economic outlook," she explained.

Looking Forward

The UK housing market remains a complex landscape for buyers, with these factors contributing to a cautious approach in the coming months.