The decline follows five months of month-on-month house price increases.
Halifax said the typical property value fell by 1.0% month on month, after a rise of 0.3% in February.Kim Kinnaird, director of Halifax Mortgages, said: “Compared to last month, the price of a UK property fell 1.0% or £2,908 in cash terms, with the average property now costing £288,430.
“This means the housing market is still to fully adjust, with sellers likely to be pricing their properties accordingly.” “Assuming inflation continues to fall towards its 2% target, the first interest rate reduction could come as early as the summer, which will further boost confidence and activity.”
“Once a rate cut appears firmly on the horizon and more mortgage rates start with a three, we expect stronger demand to push UK prices 3% higher this year.” “Falling inflation and still-strong pay growth mean real wages are rising again, unemployment is very low, consumer sentiment has picked up and quoted mortgage rates are significantly down on the peaks of summer 2023.”
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