A ‘Spring Bump’ has lifted UK house prices for a second month in a row, according to new data from Halifax. The average UK house price crept up 0.8% month-on-month in March, following a 1.2% increase in February.
Halifax noted price rises in all UK regions in March.
“The spring bump has brought a second month of rising house prices, and a whiff of optimism to the housing market,” said Sarah Coles, head of personal finance, Hargreaves Lansdown.
Despite rises in February and March, UK house prices are down 2% from their peak in August.
“Overall these latest figures continue to suggest relative stability in the housing market at the start of 2023 and align with many other recent industry surveys and data, said Kim Kinnaird, Director, Halifax Mortgages.
“This has been characterised by a partial recovery in activity and transactions, especially when compared to the significant drops seen at the end of last year, with latest Bank of England data showing mortgage approvals rising for the first time in six months.”
The average UK house price is now £287,880, compared to £285,660 in February.