The average UK house price was £192,970 in March, 8.1 per cent higher than a year ago, according to figures released by Halifax yesterday.
A boom in house prices last year that saw price growth reach double figures slowed toward the end of 2014, but price growth has since stabilised at elevated rates.
Another survey from Nationwide shows the same pattern, but with price growth hovering around five per cent.
“This shows that the market is levelling off after a sustained period of fast growth in 2014. There have been suggestions that uncertainty around the General Election is stopping people from moving house… and this may have contributed to the rate of growth falling,” said Jeremy Duncombe, director at the Legal and General mortgage club.
“However, the recent change in stamp duty rules and the low interest rates available at the moment mean that now is actually a good time to be looking for a new home or mortgage deal despite any election uncertainty. Therefore, we don’t expect this trend to last.”