Halifax house price index paints 'pessimistic' picture amid high mortgage rates

House prices have fallen on a monthly basis for the first time in six months, according to Halifax. Are property values set to drop again?

House prices as demonstrated by a 'for sale' sign outside a home
Halifax recorded its first fall in monthly house prices for six months
(Image credit: Getty Images)

House prices experienced a monthly fall for the first time since September 2023 during March, although they remained up against the year, the latest Halifax House Price Index (HPI) has revealed.

The lender’s data showed a typical home cost £288,340, £2,900 or 1% down month-on-month. This figure was 0.3% higher annually when seasonal impacts are taken into account. However, this too marked a slowdown from growth of 1.6% in February.

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Henry Sandercock has spent more than eight years as a journalist covering a wide variety of beats. Having studied for an MA in journalism at the University of Kent, he started his career in the garden of England as a reporter for local TV channel KMTV.

Henry then worked at the BBC for three years as a radio producer - mostly on BBC Radio 2 with Jeremy Vine, but also on major BBC Radio 4 programmes like The World at One, PM and Broadcasting House. Switching to print media, he covered fresh foods for respected magazine The Grocer for two years.

After moving to NationalWorld.com - a national news site run by the publisher of The Scotsman and Yorkshire Post - Henry began reporting on the cost of living crisis, becoming the title’s money editor in early 2023. He covered everything from the energy crisis to scams, and inflation. He also has bylines in MoneyWeek.