UK house prices decline while economy expands

The market is responding to a dip in mortgage costs and the expectation that interest rates will fall later this year.

Other indicators have pointed to continued growth for property prices, with demand improving from buyers and sellers also putting more places up for sale.

UK house prices slipped for the first time in six months in March, lender Halifax said in data that confirmed a setback in the property market’s recovery.

Halifax said that the average house price dropped 1% to £288,430 (€336,320) last month. That followed a 0.3% gain in the month of February and small increases in each of the previous four months.