It is also a substantial decline in annual growth compared to the recent peak in July 2022, when house prices rose 14.3 per cent over the year. The typical house price has increased by £11,000 since March 2022, the ONS saidThe average UK house price was £285,000 in March 2023, which is £11,000 higher than 12 months ago, but £3,000 less than it was in February. Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'House prices are still holding steady despite the financial challenges faced by many households. This should help reassure prospective buyers that they will be able to afford their mortgage repayments and that confidence in the market will keep house prices robust.' Tom Bill, head of UK residential research at Knight Frank, added: 'UK house price growth continued its return to earth in March following the exceptional growth seen during the pandemic.

Source: Daily Mail May 24, 2023 15:33 UTC