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UK house price growth flat in March amid Brexit uncertainties, Rightmove reveals

House prices in England and Wales continued to grow in March but nervousness over the UK's withdrawal from the European Union limited gains
The impact of Brexit on the housing market remains unclear

UK house price growth was flat in March amid uncertainty over the impact of Brexit, according to figures from Rightmove today.

The average asking price for homes in England and Wales was £310,108 in March, a 2.3% rise on the same month a year ago and unchanged from the previous month’s annual gain.

Asking prices posted a month-on-month increase of 1.3%, down from a 2.0% increase in February, marking the third consecutive month of growth.

The Midlands posted the strongest price gains, with the West and East increasing a monthly 2.1%. On the same time year ago , the East Midlands jumped 5.7% and the West Midlands edged up 4.2%.

In London, property prices grew 1.4% on the month and 0.9% on the year to an average of £649,772, driven by growth in outer London.

In March last year asking prices were growing at an annual rate of nearly 8% as buy-to-let investors rushed in ahead of an increase in stamp duty in April and before the decline in the lead-up to June’s Brexit vote. 

The government plans to invoke Article 50 at the end of this March, which will begin the formal two-year process for the UK's exit from the EU. While the impact is yet to feed through to housebuilders, many economists have said they expect to see a slowdown in the market this year due to the uncertainties. 

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