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Financial News: UK Halifax House Prices Remain Flat In March

UK Halifax House Prices Remain Flat In March

04/07/2020 - 03:56:00 (RTTNews)

(RTTNews) - UK house prices remained unchanged in March after rising for four straight months, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed Tuesday.

House prices were flat month-on-month after rising 0.2 percent in February. Economists had forecast a 0.1 percent rise.

On a yearly basis, house prices advanced 3 percent in the first quarter following a 2.8 percent increase in three months to February.

In three months to March, house prices increased 2.1 percent from the preceding three months.

It is still too early to properly assess what potential long-term impacts the current lockdown might have on the UK housing market, Russell Galley, Managing Director at Halifax, said.

"While there is very significant uncertainty at the moment, much will depend on the length of time it takes for restrictions to be lifted, the pressure that has been exerted on the economy in the meantime and the effect this has on consumer sentiment," Galley added.

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