House prices fell in March, says 全国的な, as North-South divide 現れるs

• e-mail

House prices fell わずかに in March as the spring 所有物／資産／財産 market got off to a 淡褐色 start in the South but the North fared much better.

The?最新の 全国的な house price 索引 showed a slight 0.2 per cent 拒絶する／低下する in the 普通の／平均（する） 所有物／資産／財産 value last month - but the 落ちる （機の）カム from a 統計に基づく quirk, as a 伝統的に busier month ended up slow.

The 月毎の 拒絶する／低下する was 負かす／撃墜する to seasonal 調整 - which 目的（とする）s to smooth out months that are typically more and いっそう少なく active - 反して the 非，不，無-adjusted 普通の／平均（する） house price 現実に rose わずかに from £260,420 in February to £261,14 in March.

It means the typical home, によれば 全国的な's data, has 辛勝する／優位d up 1.6 per cent 毎年, with headline 人物／姿／数字s dragged 支援する by southern England's stuttering 所有物／資産／財産 market.

Earlier today, Halifax also 報告（する）／憶測d 所有物／資産／財産 prices fell in March,?反映するing the first 月毎の 落ちる since September 2023.

The major mortgage 貸す人 明らかにする／漏らすd the 普通の／平均（する） home price fell 1 per cent last month, に引き続いて five 連続した months of rises.

All 地域s saw an 改良 in 年次の 率 of change in first ４半期/4分の1 of 2024

Robert Gardner, 長，指導者 経済学者 at 全国的な, 示唆するd that higher mortgage 率s continue to 重さを計る 激しい on 見込みのある 買い手s.

'While activity has 選ぶd up from the weak levels 勝つ／広く一帯に広がるing に向かって the end of 2023,' he said, 'it remains 比較して subdued by historic 基準s.'

'For example, the number of mortgages 認可するd for house 購入（する）s in January was around 15 per cent below pre-pandemic levels. This 大部分は 反映するs the 衝撃 of higher 利益／興味 率s on affordability.

'While mortgage 率s are below the 頂点（に達する）s seen in 中央の-2023, they remain 井戸／弁護士席 above the lows 勝つ／広く一帯に広がるing in the wake of the pandemic.'

What's happening to house prices across the UK?

にもかかわらず 報告（する）／憶測s' 焦点（を合わせる） on headline house price 人物／姿／数字s, the UK 住宅 market doesn't just move as one. It is made up of thousands of 地元の markets that will all be 成し遂げるing 異なって from one another.

These differences can even be seen at a 地域の level where there is 証拠 of a North-South divide 開始 up.? Prices are 一般に rising in the North and 落ちるing in the South.

North-South divide: House prices are rising in the north and 落ちるing in the south

The 普通の／平均（する） house price during the first three months of 2024 in Northern Ireland, for example, is up 4.6 per cent year-on-year, によれば 全国的な.

Prices in Scotland are 3.7 per cent higher over the past three months than they were during the same period in 2023.

And in the North of England the 普通の／平均（する） home is up 4 per cent in the first three months of this year compared to the same period last year.

一方／合間, pric es in the South West are 負かす／撃墜する 1.7 per cent compared to this time last year and prices in East Anglia are 1.3 per cent lower.

Anna Clare Harper, 長，指導者 (n)役員／(a)執行力のある of 維持できる 投資 助言者 GreenResi, said: 'The 住宅 market is not one 選び出す／独身 market ? it's millions of tiny 場所s 負かす／撃墜する to the street level, each becoming more or いっそう少なく popular over time, 影響（力）d by different factors 範囲ing from 地元の 当局 solvency to new 地元の 開発 計画／陰謀s.

'Then there's factors 影響する／感情ing the pricing of individual 所有物／資産／財産s, 含むing the cost to own the 所有物／資産／財産; cost to 持続する the 所有物／資産／財産; and affordability, which for younger people 特に is 決定するd by the cost and availability of 財政／金融.

'So, market pricing for March 反映するs the millions of individual 交渉s balancing what one 買い手 手配中の，お尋ね者 with what one 販売人 needed, during that month.?

'All of these factors and more are important when 評価するing 所有物／資産／財産s today and 予測（する）ing what will happen with prices tomorrow.'

地域の differences: The 住宅 market is made up of a thousands of 地元の markets that will all be 成し遂げるing very 異なって from one another

What next for house prices?

Last week, Zoopla 明らかにする／漏らすd it 推定する／予想するs house prices to flatline into the second half of 2024, thanks to higher mortgage 率s, 減ずるd buying 力／強力にする and more homes coming to market.

全体にわたる, there are a fifth more homes for sale than at the start of 2023, によれば the 所有物／資産／財産 website. This greater availability will keep price rises in check.

It said many 買い手s are continuing to 交渉する hard on price, with it 大部分は remaining a 買い手's market. Two fifths of sales agreed in March were at a price that was 5 per cent or more below asking.

まっただ中に this 背景, first-time 買い手s appear to be sensing an 適切な時期, によれば the 所有物／資産／財産 会社／堅い, Hamptons.

Yesterday, it 明らかにする／漏らすd that first-time 買い手s have been behind 33 per cent of 購入（する）s in the UK this year, an 史上最高.

Market milestone: First-time 買い手s 購入（する）d 33% of homes sold in the UK so far this year, 場内取引員／株価 an 史上最高

広い地所 スパイ／執行官s appear to be 確信して that 勢い will build across the market, 特に as we enter spring, which is 伝統的に the busiest time of year.

Ed Phillips, 長，指導者 (n)役員／(a)執行力のある of 広い地所 スパイ／執行官 Lomond said: 'While we're yet to see any 著名な jump in 所有物／資産／財産 values just yet, market 勢い is building, with a 会社／堅い 創立／基礎 now laid to 容易にする その上の growth as we 長，率いる into what is 伝統的に the busiest time of year.'

Marc 出身の Grundherr, director of Benham and Reeves said: 'As we approach the spring selling season a very ごくわずかの 拒絶する／低下する in the 月毎の 率 of house price growth should be 見解（をとる）d as nothing more than the market pausing for breath before the floodgates open.

Verona Frankish, 長，指導者 (n)役員／(a)執行力のある of online 広い地所 スパイ／執行官 Yopa 追加するd: 'The appetite of the nation's homebuyers may have been 鈍らせるd by higher mortgage 率s, but it certainly hasn't disappeared, as 論証するd by the 改良s seen in mortgaged 認可するd house prices seen in 最近の months.

'With the seasonal spring 殺到する in market activity also 切迫した, it's only a 事柄 of time before we see the UK 所有物／資産／財産 market 転換 up a gear with 尊敬（する）・点 to both sales 容積／容量s and house price growth.'

However, while many many 広い地所 スパイ／執行官s remain 確信して house prices will rise from here, 最終的に much will depend on mortgage 率s, which?are much higher than two or five years ago and 限界ing borrowing 力／強力にする.

Recently, the 落ちる in costs has 立ち往生させるd and 率s have seen a slight rise. Since 1 February the 普通の／平均（する） two-year 直す／買収する，八百長をする has risen from 5.56 to 5.8 per cent に引き続いて the Bank of England's 決定／判定勝ち（する） to 持つ／拘留する base 率 at the start of the month.

一方／合間 the 普通の／平均（する） five-year 直す／買収する，八百長をする has risen from 5.18 per cent to 5.38 per cent since 1 February. The lowest 直す／買収する，八百長をするd 率s are now above 4 per cent.?

Going 支援する up: Mortgage 率s have begun rising again after 落ちるing 支援する from the highs they reached in the summer

Jonathan Hopper, 長，指導者 (n)役員／(a)執行力のある of Garrington 所有物／資産／財産 Finders said: 'Two things are （疑いを）晴らす from the 全国的な's 最新の snapshot of the UK's 所有物／資産／財産 market. The 殺到する in price rises seen at the start of the year is 緩和 off, and big 地域の 不平等s remain.

'While 買い手 信用／信任 is 支援する, and the 普及した price 落ちるs of last year are 堅固に in the 後部-見解（をとる） mirror, price rises are still 存在 tempered by the high cost of borrowing.

'The mortgage market 補欠／交替の／交替するd between 存在 an accelerator and a ブレーキ for the 所有物／資産／財産 market during the first ４半期/4分の1 of 2024.

'The flurry of 利益／興味 率 削減（する）s seen in January 解雇する／砲火／射撃d the starting gun, tempting 支援する to the （米）棚上げする／（英）提議する thousands of would-be 買い手s and movers who held off in 2023.?

'But in 最近の weeks, many 貸す人s have paused their 率 削減s, and this is now keeping 所有物／資産／財産 price rises in check.'

Robert Gardner of 全国的な 追加するd: 'With cost-of-living 圧力s 緩和 as インフレーション moves 支援する に向かって 的, 消費者 感情 is 改善するing.'

Indeed, surveyors 報告（する）／憶測 a 好転 in new 買い手 enquiries and new 指示／教授／教育s to sell in 最近の months.

'Moreover, with income growth continuing to より勝る house price growth by a healthy 利ざや, 住宅 affordability is 改善するing, albeit 徐々に.

'If these 傾向s are 持続するd, activity is likely to 伸び（る） 勢い, though the pace of the 回復 is still likely to be ひどく 影響（力）d by the trajectory of の間のs t 率s.'