UK house prices in March were 3.0% higher compared to the same month in 2019, according to new data published by Halifax.

At the end of the first quarter of 2020, January to March, the latest Halifax House Price Index also showed house prices were 2.1% higher than in the preceding three months, between October and December.

On a monthly basis however, the Index showed that house prices had remained flat at 0.0% – with Halifax noting that prices had remained stable in March before several coronavirus restrictions were introduced.

Halifax managing director, Russell Galley, suggested the housing market began March with similar trends to previous months, as key market indicators showed a “sustained level of buyer and seller activity”.

“Overall average house prices in the month were little changed from February’s record high, while annual growth nudged up to 3%,” Galley said.

“These factors all underlined a positive trajectory and increased momentum in the early part of the year, with confidence rising as political and economic uncertainty eased. However, it’s clear we ended the month in very different territory as a result of the country’s response to the coronavirus pandemic.

“On a practical level, most market activity has been paused, with the public rightly following advice to stay at home, and estate agencies, surveyors and conveyancers temporarily closing as a result.

“With viewings cancelled and movers being encouraged to put transactions on hold, activity will inevitably fall sharply in the coming months. It should be noted that with less data available, calculating average house prices is likely to become more challenging in the short-term.”

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