UK House Prices rose in the year to March 2020

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According to the Halifax House Price Survey, UK House prices increased by 3% between March 2019 and March 2020*.

What are the figures?

The Halifax produce a survey of how UK house prices are doing every month. The survey contains information that is collected by the Lloyds Banking Group. The survey started back in 1983.

Average House price trends are shown over one year, one quarter (3 months) and one month.

The survey issued on 7th April covers mortgage sales up to March 2020
• House prices increased by 3% over one year
• House prices increased by 2.1% over the quarter
• House prices stood still in March as they did not increase or decrease

 

According to Russell Galley at the Halifax;

“Overall average house prices in the month were little changed from February’s record high, while annual growth nudged up to 3%.
However, it’s clear we ended the month in very different territory as a result of the country’s response to the coronavirus pandemic.

However, it’s still too early to properly assess what potential long-term impacts the current lockdown might have on the UK housing market. While there is very significant uncertainty at the moment, much will depend on the length of time it takes for restrictions to be lifted, the pressure that has been exerted on the economy in the meantime and the effect this has on consumer sentiment.”

Summary

So, for the last year, house prices increased by 3% which is similar to previous figures. However, prices did not move in March, and the Halifax have stated it is not clear what the impact of the recent lock-down will be.

Sources / Notes

https://static.halifax.co.uk/assets/pdf/mortgages/pdf/March-2020-House-Price-Index.pdf

* Example of percentages. If prices increased by 3%, this means that if a house previously sold for £100,000, it would now be worth £103,000.