Average property price reduces by £1,575
The Halifax published its house price index for March this week, revealing a -0.5% reduction in house prices in the month, falling from £298,274 to £296,699.
The annual rate of growth remains unchanged from February, at 2.8%.
Northern Ireland continued to record the strongest annual property price growth of any region or nation, posting 6.6% in March.
Scotland followed shortly after at 4.3%, with Wales up by 3.7%.
Amanda Bryden, Head of Mortgages, said: “Looking ahead, potential buyers still face challenges from the new normal of higher borrowing costs, a limited supply of available properties to choose from, and an uncertain economic outlook.
“However, with further base rate cuts anticipated alongside positive wage growth, mortgage affordability should continue to improve gradually, and therefore we still expect a modest rise in house prices this year.”
Construction output returns to growth
Latest data from the Office for National Statistics has found that construction output returned to growth in February after falling for two consecutive months.
The 0.4% uplift in the month came from public new work and public housing repair and maintenance, although private housing output fell by -0.4% in the month.
Homes England and Octopus launch Greener Homes Alliance 2
The second phase of a fund designed to help SME housebuilders deliver sustainable homes across England has been launched.
Homes England and Octopus Real Estate are committing £150m of funding to provide “further loan finance” to SMEs, following the first Greener Homes Alliance in 2021.
Phase two introduces ten new criteria for funding eligibility. If four of the criteria are satisfied, the developer will receive a 1.25% discount on their interest rate. If six or more are reached, the housebuilder will receive a 2% discount.
Criteria include the use of modern methods of construction and a real living wage paid to workers on site.
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