House price growth continues to slow - but the average home still earned a respectable £788 in March alone

 

• Average house is now worth £182,970
• Prices rise by 0.4 per cent in March
• Number of properties coming on to the market remains low
• Short supply of homes for sale fails to meet demand

House prices inched up another 0.4 per cent in March as the supply of new homes on the market remained tight ahead of the General Election.

The average house price now stands at another record high of £192,970 – up another £788 over the past month alone, the latest figures from Halifax reveal.

Although prices have cooled considerably from the frenzied months seen last year across the country, demand remains high thanks to rock-bottom mortgage rates and last December's stamp duty changes.

Many families are enjoying a return to real earnings growth for the first time in several years, which is also increasing demand in the housing market.

Inching up: House prices are up another 8.1 per cent over the past year, according to Halifax

Viewed across the year prices were up by 8.1 per cent on average, which is still a very strong rate of growth although slightly down on the 8.3 per cent seen in February and comfortably below last July's peak of 10.2 per cent.

Halifax predicted that in time other factors will start to weigh on the market, such as an unsustainably growing chasm between average earnings and house price

If you would like some advice about buying to let, be you a landlord with a portfolio or someone thinking of investing in the rental market for the first (second or third...) time, please pop in and see me at our office in Broadway west in Leigh or call me for a chat 01702 477754