UK house price growth halved as Iran war fallout hits housing market

Halifax says cost of typical home fell by 0.1% in April, the second consecutive monthly drop, with pace of annual growth down from 0.8%. to 0.4% UK house prices fell for a second consecutive month in April, as Halifax halved its estimate for the annual rate of growth owing to the conflict in the Middle East. Halifax, which is part of Lloyds – Britain’s biggest mortgage lender – said that the cost of a typical UK home fell by 0.1% in April, to £299,313. This followed a 0.5% fall in March. Halifax said the annual rate of house price growth had slowed to 0.4% from 0.8%. Amanda Bryden, head of mortgages at Halifax, said: “After a strong start to the year, recent global developments have added a greater degree of uncertainty to the outlook. “In particular, higher energy prices have fed into inflation expectations, prompting markets to reassess the path for interest rates – a shift that has already pushed up borrowing costs for many buyers. “This understandably leads to more caution among some households, with the cost of living once again front of mind and extra thought being given to planned property moves.” On Thursday, the average two-year fixed mortgage rate stood at 5.77%, up from