House prices slide in March

UK house prices fell by 0.5% last month to £296,699, marking the steepest decline since March last year, according to Halifax. The decline follows a record high in January, driven by a rush to complete deals before new stamp duty changes took effect. The market is now experiencing a return to normal demand, with new applications slowing. The Chancellor, Rachel Reeves, announced the end of temporary stamp duty cuts from April, impacting first-time buyers significantly. Despite the recent dip, analysts expect house prices to rise again this year due to constrained supply and stable demand, aided by falling mortgage rates. Amanda Bryden, head of mortgages, Halifax, 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." 

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