House Prices Decline By -1.1%

House prices fell by -1.1% in March according to Halifax.

This was the third monthly decline in the past 15 months. The monthly movements, however, can be volatile and the three month-on-three month change is a more reliable indicator of the underlying trend.

However, house prices in the latest three months, January to March 2014, were 2.3% higher than in the final quarter of 2013. This is within the range of 1.8% to 2.3% recorded for this measure since June 2013.

Prices in the three months to March were 8.7% higher than in the same three months a year earlier. This continued the upward trend in the annual rate.

Stephen Noakes, Mortgages Director, said: "Although house prices fell in the month, prices in the three months to March were 2.3% higher than in the final quarter of 2013. The annual rate of increase rose with prices in the three months to March 8.7% 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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