Housing prices in the UK rose 1.1% in March, posting a new record high of 254,606 pounds, according to Halifax press release. House prices surged by 6.5% annually or 15,430 in cash terms.
During the January-March quarter, house prices were 0.3% higher than in the preceding October-December quarter.
The continuation of government support measures, including the stamp duty holiday, boosted confidence in the housing market.
Halifax Managing Director Russell Galley expects elevated levels of activity in the coming months, with consumer confidence helped by successful vaccine rollout.
Given the current levels of uncertainty and the potential for higher unemployment, Halifax expects UK house price growth to slow somewhat by the end of the year.
UK stocks and the pound are currently declining. FTSE 100 is down 0.19%, GBPUSD is down 0.15%
