UK House Prices Decline 0.5% in March Amid Iran War Uncertainty

AI Summary

Average UK house prices fell by 0.5% in March to £299,677, as reported by Halifax. This decline reversed a prior 0.3% increase in February and was attributed to rising mortgage rates linked to the Iran war's impact on energy costs. The situation has raised concerns about inflation and diminished confidence in potential interest rate cuts this year. Recent weeks saw significant mortgage rate increases and withdrawals of mortgage deals, marking the largest such withdrawals since the 2022 mini-budget under former Prime Minister Liz Truss.