Drop corrects ‘bizarre’ Halifax house price riseHoward Archer, chief economic adviser to the EY Item Club, said last month’s drop corrects the “eye-watering and frankly bizarre” six per cent surge in house prices Halifax suffered criticism over in February.
That contrasted heavily with Nationwide’s own measure of 0.4 per cent growth. Archer again criticised Halifax’s comparatively volatile measure, pointing to other sharp rises of three per cent in January and 2.5 per cent in December. “The overall impression is that the housing market is currently soft as it is being hampered by challenging conditions with buyer caution currently being reinforced by heightened Brexit and economic uncertainties,” Archer added. “The overall picture [is] being dragged down by the weakness in London and the south east.”