UK house price growth slowed in March, prompting warnings that the squeeze on household incomes and rising interest rates could push the cost of homes down despite demand for property outstripping supply.
Property prices increased by 9.8 per cent over the year to March, down from 11.3 per cent in February, according to Land Registry figures released on Wednesday. The average cost of a home was £278,000, up £24,000 from the same time last year.
The data, which reflected purchases completed months before inflation reached its current 40-year high, showed house prices growth was resilient in the first quarter but may not be sustainable as the cost of living crisis bites.
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