British house prices rose for a third month in a row in March, representing a further calming of the market after the turmoil sparked by former Prime Minister Liz Truss's 'mini-budget' last September, data from mortgage lender Halifax showed.
LONDON, April 6 - British house prices rose for a third month in a row in March, representing a further calming of the market after the turmoil sparked by former Prime Minister Liz Truss's "mini-budget" last September, data from mortgage lender Halifax showed.
House prices rose by 0.8% in month-on-month terms, Halifax said on Thursday, the second-strongest gain since June last year after February's 1.2% increase.House prices were 1.6% higher than a year ago. Halifax said the latest figures suggested relative stability in the housing market at the start of 2023 after Truss's unfunded - and short-lived - tax cut plans caused borrowing rates to surge in the autumn.
Since then, the Bank of England has extended its run of interest rate hikes although there are signs that it is coming close to reaching a peak for Bank Rate. "While the path for interest rates is uncertain, mortgage costs are unlikely to get significantly cheaper in the short-term and the performance of the housing market will continue to reflect these new norms of higher borrowing costs and lower demand," Kim Kinnaird, a director at Halifax Mortgages, said.
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