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UK average house prices hit new high in March, Halifax says

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Average UK home prices hit an all-time high in March, a month when a package of measures was announced in the budget to help buyers, new data shows.

Lender Halifax Managing Director Russell Galley said: “After a relatively subdued start to the year, the housing market experienced some kind of resurgence in March, with prices rising just over $ 1. % compared to February.

Data from March shows house prices have risen 6.5% per year to £ 15,430 in cash.

Plans set out in the March 2021 budget included a new mortgage guarantee system to help buyers with a 5% down payment move up the property ladder. In addition, Chancellor Rishi Sunak said a suspension of stamp duty on property sales up to £ 500,000, which was to last until the end of March, would be extended until June 30.

Halifax’s Galley said: “Overall, we expect high activity levels to be sustained in the coming months, as consumer confidence is boosted by the successful vaccine rollout, and buyer demand continues to be fueled by the desire for larger properties and more outdoor space, as life’s priorities changed during the pandemic. A shortage of homes for sale will also support prices in the short term, as lower availability always favors sellers. “

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But the rules eased in May and a number of estate agents reported pent-up demand for moves, with many reassessing housing needs during the lockdown. The stamp duty festival was launched in July.

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