Your Latest UK House Price News

Wed 11 Apr 2018

UK house prices in the first three months of the year were up 2.7 per cent compared to the same period for the previous year, according to the latest house price index from Halifax, an increase on the 1.8 per cent growth recorded in February.

Prices grew 1.5 per cent in March, following a 0.5 per cent increase in February - which EY Item Club's chief economic advisor Dr Howard Archer said was "the sharpest raise since August".

However, the index showed that house prices in the last quarter were 0.1 per cent lower than in the the last three months of 2017, the second consecutive decline on this measure.

“The annual rate of growth continues to be in a narrow range of under 3 per cent, though the average price of £227,871 is a new high,” said Russell Galley, managing director at Halifax. “In the coming months we expect price growth to remain close to our prediction of 3 per cent despite the very positive factors of continuing low mortgage rates, great affordability levels and a robust labour market.”

Last month’s Halifax index showed that house prices had fallen 0.7 per cent across the UK in the three months between December and February, the first quarterly fall in nine months. The average house price in Britain hit £224,353 during February.

The survey also showed that mortgage approvals for house purchases contracted nearly five per cent in February. After the sharp rise in January, February saw approvals fall by 4.8 per cent, a decline of 7 per cent compared to the same time last year.

The housing market continues to be subdued nationally, with the number of new instructions has now falling for 24 consecutive months – the worst sequence for nine years, with the figure for unsold stock at a record low.

Still, the survey also showed that mortgages in the UK have reached their most affordable level in a decade. Typical mortgage payments accounted for less than a third of homeowners’ disposable income in the fourth quarter of 2017 compared to almost half in same period in 2007.

London remains among the weakest performers in terms of house price growth, with the latest Nationwide house price index showing prices were down one per cent year-on-year. Figures from Your Move released last month showed that prices in parts of London had fallen as much as 15 per cent over the last year.

The buy-to-let market continues to perform strongly, however, with a study from Ludlow Thompson published yesterday showing that the number of buy-to-let investors in the UK hit an all-time high of 2.5m last financial year. The number of buy-to-let investors has increased 27 per cent over the last five years.

"Did a fantastic job. Kept us up to date at all times and were a real pleasure to deal with. I wouldn't hesitate to recommend Lovetts to anyone looking to purchase a home."
Owen H

News Archive

July 2020

A guide to deposit protection schemes

June 2020

Meet The Team - Q&A Series: Anthony Charters

NEW electrical safety standards in force from 1st July.

May 2020

Re-opening the Housing Market: Our Approach

March 2020

Corona Virus - Tenant Update

February 2020

Meet The Team - Q&A Series: Amy Duffy

Meet The Team - Q&A Series

January 2020


August 2019

5 top tips to ensure you find the best tenants

July 2019

How To Make Your New House A Home

June 2019

6 top tips for a smoother property transaction

We now officially have an award-winning Sales Team!

February 2019

In Conversation: Q&A With David Hawkes, Land & New Homes Director

Are you prepared for the forthcoming Letting Fees Bill?

January 2019

BREAKING: Stricter rules for mandatory electrical checks

Fitness For Human Habitation Act Becomes Law

Fitness For Human Habitation Act is now live, but what does this mean for Landlords?

Why is pays to use an agency that specialises in land deals

October 2018

Self managing? How evicting a tenant could fail spectacularly

September 2018

How we handle the three D’s – Death, Divorce & Debt

August 2018

First time buyers outstrip movers for first time in 23 years

July 2018

What does the profile of a modern landlord now look like?

Could your garden offer you the financial security we all strive for?

The top 4 things that put off UK homebuyers on viewings

House sale failures in the UK fell from record high in first quarter of 2018