UK house prices up 2.6% in first quarter of 2015, latest index shows

UK house prices were 2.6% higher in the three months of 2015 than in the previous quarter but the annual rate of growth is still falling.

The latest index from the Halifax shows that annual price growth fell slightly from 8.3% in February to 8.1% in March, taking the average price of a home to £192,970.

The quarterly rate of change increased for the third consecutive month. It is now at a similar rate to September 2014 when it was 2.7%, prior to a marked slowdown in the last three months of 2014.

The data also shows that house prices increased by 0.4% between February and March, offsetting February’s 0.4% fall.

According to Halifax’s housing economist Martin Ellis the recent return to real earnings growth for the first time in several years, very low mortgage rates and last December’s stamp duty changes are supporting housing demand.

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