The Halifax Price Index has just been released for March, and can be seen here.

In summary:

🔻 Headline Figures

• Monthly change (March 2025): -0.5% (£1,575 drop)

• Average UK house price: £296,699 (down from £298,274 in February)

• Annual change: +2.8% (unchanged from February)

• Quarterly change: +0.5%

📈 Trends & Analysis

• The drop in March follows a temporary surge in January as buyers rushed to beat a stamp duty deadline.

• Activity peaked in March (busiest single day on record for completions).

• As that rush subsided, demand has cooled, and prices adjusted accordingly.

• Outlook: Modest growth expected as affordability may improve, helped by:

  • Anticipated base rate cuts

  • Wage growth

  • Still-limited housing supply

🌍 Regional Highlights

📊 Market Activity

• Sales: February 2025 saw 108,250 residential transactions – +13.0% from January and +28.1% year-on-year.

• Mortgage approvals: Fell slightly in February (-0.8%) but were still +8.2% above February 2024.

• RICS Market Survey:

  • Buyer demand down (net balance -14%)

  • Agreed sales negative (-13%)

  • New property listings positive (+12%)

📝 Notes

• Volatility in monthly data is common; quarterly trends give a clearer picture.

• Prices remain near record highs despite the monthly dip.