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Housebuyers still facing significant cost pressures, says Halifax

The figures from Halifax showed that house prices in April were up 1.1% from the same point last year. This followed a 0.4% annual rise seen in March.

Northern Ireland saw the biggest rise among the nations and regions, with prices up 3.4% from a year earlier.

Within England, the North West recorded the biggest rise, up 3.3%, while price falls were mainly in the south of England, the Halifax said.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said while house prices appeared to have stabilised, “look a little closer at the annual figures and the market is wonky – with the north/south divide seeing prices climb in the north and drop steadily in the south”.

She added this was due to mortgage rates remaining “stubbornly high” and creeping upwards.

At the end of April, the average two-year fixed rate mortgage was 5.87%, Ms Coles said, from 5.8% at the end of March.

“It’s not a dramatic move, but it’s in the wrong direction, and it’s coming at a time when homeowners expected mortgage rates to be dropping.”

With homes in the south of England tending to be pricier, higher mortgage costs have had a bigger impact in the region.

“As a result, demand is down, and property prices are level or falling,” said Ms Coles.


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