- House prices -0.1% vs -0.1% m/m expected
- Prior -0.5%
- Average property price £299,313
- Prior £299,609
The more cautious undertone stems from the relative uncertainty from the Middle East conflict but all else being equal, the UK housing market continues to show much resilience so far this year. Halifax notes that:
“After a strong start to the year, recent global developments have added a greater degree of
uncertainty to the outlook. In particular, higher energy prices have fed into inflation
expectations, prompting markets to reassess the path for interest rates – a shift that has
already pushed up borrowing costs for many buyers.
This understandably leads to more caution among some households, with the cost-of-living
once again front of mind and extra thought being given to planned property moves.
Even so, the housing market continues to display the resilience that has been its hallmark in
recent years. While activity is likely to cool in the near term, the underlying picture remains
one of relative stability, supported by wage growth that continues to outpace house price
inflation.”
