UK House Prices Mixed in March: London Drops, Scotland Soars
House prices in the UK have shown mixed trends in March, with the average home sold at £283,000, a 1.8% increase from last year. However, London and some parts of England saw price drops, while Scotland led the growth.
London homes experienced a 0.9% month-on-month and 3.4% year-on-year decrease, with the average price at £524,000. England and Wales fared better with growth of 1% to £299,000 and 1.3% to £214,000 respectively. Scotland topped the charts with a 6.7% year-on-year increase, making the average home £192,000.
First-time buyers paid an average of £236,000, up 1.8% from last year. Northern Ireland also saw a significant 4% rise to £178,000. Most UK regions registered month-on-month increases, with Scotland leading at 2.3%. Halifax and Nationwide reported annual price drops due to rising mortgage rates.
While the UK housing market shows varied trends, a north-south price divide is predicted in the coming years. Larger properties are appreciating faster than smaller ones, with top rung detached homes up 2.5% annually.
