The latest Halifax House Price Index reports a monthly house price growth of 1.4% in March, the biggest increase in six months.
Average house prices in the UK are now at another record high of £282,753. Read the full report here.
James Forrester, Managing Director of Barrows and Forrester, comments: “An unwavering level of market activity has continued to drive house price appreciation in 2022 and this further growth comes off the back of a pandemic property market boom that had already pushed property prices to record highs.
“Buyer demand remains extremely high and with a lack of stock to meet this demand, there’s no end in sight when it comes to the current state of the market. Even fears around the increasing cost of living and a number of interest rate increases are yet to make a dent and so the outlook for the year ahead is a positive one where market values are concerned.”
Marc von Grundherr, Director of Benham and Reeves, comments: “A monthly look at house price growth is far too volatile a metric to judge wider market health upon. However, yet another double-digit annual increase is the real proof in the pudding and demonstrates a market that is flying high, even when compared to the strong performance posted this time last year.
“The returning health of the London market has no doubt contributed to this. While the wider UK market was more than holding its own during much of the pandemic, this strong performance is now being bolstered by growing momentum across what is traditionally the powerhouse of UK property.
“A return to the workplace and an influx of foreign demand are starting to stimulate property values across the capital and this will ensure that top line house price growth remains robust for the remainder of this year.”
Geoff Garrett, Director of Henry Dannell, comments: “Despite a string of interest rate increases and the inevitable impact this has had on monthly mortgage costs, the nation’s homebuyers are seemingly undeterred and continue to flood the market at mass.
“However, the general consensus is that this squeeze on mortgage affordability coupled with the increase in living costs will start to cool the current rate of house price growth as the year goes on.
“While this may not be substantial enough to reverse the upward house price trends being seen at present, it’s almost certainly going to slow what have been some meteoric rises in recent months.”