Average house prices in Britain rose more rapidly in March than at any time for three years, jumping by 2.2% over the month, according to figures from Halifax, but the lender played down the prospects of another property boom.
The spike in prices, the biggest monthly rise since May 2009, was fuelled by first-time buyers rushing to beat the expiry of the stamp duty holiday at the end of March, said Halifax. It pointed to the quarter-on-quarter figures, which showed a fall of 0.1%, as a better guide to the underlying trend in house prices."We continue to expect little overall movement in prices this year provided that the UK economy does not suffer a pronounced weakening," said Halifax economist Martin Ellis.
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