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Growth in UK house prices was flat last month, defying expectations of a small uptick, according to Halifax.
The average British property price is now £219,755 according to the survey, which reported a 0.1 per cent rise in prices in the three months to March. That is the lowest quarterly pace of growth since the autumn of 2016.
Economists have warned that an expected squeeze on consumers later this year could dampen the property market which has fared well since the UK’s Brexit vote in June last year.
Year on year, March house prices were 3.8 per cent higher compared to the same month last year – the weakest in nearly four years.
Martin Ellis, housing economist at Halifax, said:
The annual rate of house price growth has more than halved over the past 12 months.
A lengthy period of rapid house price growth has made it increasingly difficult for many to purchase a home as income growth has failed to keep up, which appears to have curbed housing demand.
Samuel Tombs at Pantheon said: “It’s now incontrovertible that the housing market has slowed sharply this year, indicating that the MPC’s interest rate cut in August provided only a temporary stimulus to demand.”