View more on these topics

House prices fell by 2.5% in March, says Halifax

House prices fell by 2.5 per cent in March, according to the Halifax house price survey.

The biggest house price falls were seen in the West Midlands which fell 5 per cent and Wales which saw a drop of 4.7 per cent.

Halifax says prices in quarter one were 1 per cent lower than in the fourth quarter 2007 but 1.1 per cent higher than a year earlier.

The biggest rises were in Greater London which saw an increase of 1.6 per cent, East Anglia at 1.4 per cent and East Midlands at an increase of 2.2 per cent.

Halifax says it expects there to be a low single digit decline in UK house prices this year.

It points out that any decline should be viewing in the context of the significant price rises over recent years.

UK prices have increased by 171 per cent over the past ten years and by 51 per cent over the last five years.

The average UK price has risen by £120,860 during the past decade from £70,696 to £191,556.

Halifax says that while it expects there to be a modest rise in unemployment later in the year, but the scale of the increase is unlikely to cause widespread difficulties for households.

Chief economist Martin Ellis says: “House prices fell by 2.5 per cent in March. Prices in 2008 quarter 1 were 1.0 per cent lower than in 2007 quarter 4. Overall, we expect there to be a modest fall in UK house prices this year. Any
declines, however, should be viewed in the context of the significant price
rises over recent years. The average UK price has risen by £120,860 during the past decade from £70,696 to £191,556; an increase of 171 per cent.”

Conservative Shadow Housing Minister Grant Shapps says: “Buying a home has become a distant dream for many couples who simply cannot afford to stump up over £30,000 for the average deposit. Gordon Brown’s crippling levels of stamp duty mean it is simply not a possibility for people to get on to the property ladder. Labour should continue with their penchant for stealing our policies and adopt our pledge to increase the stamp duty threshold for first time buyers to £250,000 so that 9 out of 10 people pay nothing.”


Xafinity acquires Hazell Carr

Xafinity has acquired Hazell Carr which will be led by Xafinity chief executive Tim Robinson.Founders of Sipp provider and pension administration firm Hazell Carr, David Carr and Graham Hazell will be staying on as consultants to see the integration through but will be leaving once the deal is complete.The combined group will have revenues in […]

Offshore foundations key to avoiding non-dom tax, says SCF Group

Private interest foundations could allow non-doms to retain tax benefits and avoid the need to pay the new £30,000 tax exemption fee recently imposed by the Government.Trust and management firm SCF Group says non-domiciled UK residents can avoid the need to pay the fee by setting up private interest foundations in Liechtenstein or Panama. The […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm