UK house prices rose for a third month in a row in March, defying expectations, to reflect the resilience of the housing market, Lloyds Bank subsidiary Halifax said Thursday.
The house price index climbed 0.8 percent month-on-month following a 1.2 percent increase in each of the previous three months, results of a monthly survey by Halifax and S&P Global showed.
Economists were looking for a 0.3 percent fall.
On a year-on-year basis, the house price index rose 1.6 percent in March after a 2.1 percent increase in the previous month. Economists had forecast a modest 0.3 percent growth.
The rate of annual increase in house prices was the weakest since October 2019, Halifax said.
"Overall these latest figures continue to suggest relative stability in the housing market at the start of 2023 and align with many other recent industry surveys and data," Halifax Mortgages Director Kim Kinnaird said.
"The principal factor behind this improved picture has been an <b>easing of mortgage rates</b>," Kinnaird added.
