UK house prices saw a significant 0.5% decline in March, the largest monthly drop since March 2023, as the housing market cooled post-rush for buyers ahead of stamp duty changes. The average home price is now £296,699, down from record highs in January due to buyers hastening purchases before April 1st deadline. The changes also lowered price thresholds for stamp duty, affecting first-time buyers. Analysts predict steady demand and falling mortgage rates may stabilize prices going forward, despite recent declines in applications and transactions.
"House prices rose in January as buyers rushed to beat the March stamp duty deadline," said Amanda Bryden, head of mortgages at Halifax. "However, with those deals now completing, demand is returning to normal and new applications are slowing."
Halifax reported a significant spike in completions in March, with the volume of house sales exceeding those in January and February combined. "It included the busiest single day on record," said Bryden. "Following this burst of activity, house prices, which remain near record highs, unsurprisingly fell back last month."
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