House prices fell just over 1 per cent in March, the third monthly decline in 15 months, contrasting with the previous fifteen months where prices fell on 8 occasions, according to the latest Halifax House Price Index.
Price tags on houses from January to March 2014 were 2.3 per cent higher than in the final quarter of 2013 and were 8.7 per cent higher than in the same three months last year.
The number of homeowners providing instructions to put their property on the market for sale continues to decline since the end of 2013. Although new buyer enquiries has also fallen since the start of the year the imbalance between housing supply and demand remains. However, the Latest housebuilding figures show signs of improvement with the number of housing starts in England in 2013 rising by 24% to 98,610 from a year earlier. However, the numbers
Commenting, Stephen Noakes, Halifax mortgages director, said: “Although house prices fell in the month, prices in the three months to March were 2.3 per cent higher than in the final quarter of 2013. The annual rate of increase rose with prices in the three months to March 8.7 per cent higher than in the same three months last year.”
“Housing demand continues to be supported by an improving economic outlook, growth in employment, rising consumer confidence and low interest rates.
“The recent strengthening in house price is increasing the amount of equity that many homeowners have in their home. This will potentially encourage and enable more owners to put their property on the market for sale over the coming year, therefore boosting supply and easing pressure on prices.”
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