UK house prices fell by £1,575 in March, according to Halifax's latest index. While they were down month-on-month, values rose compared to this time last year.
The average home value dropped to £296,699, down from £298,274 in February, but many regions enjoyed yearly growth, with the biggest jump in Northern Ireland.
There was a month-on-month decrease of 0.5 per cent, while the annual growth rate remained steady at 2.8 per cent.
The decline follows a surge in activity as buyers rushed to complete purchases before stamp duty changes took effect on April 1.
Northern Ireland has seen the biggest house price increases
GETTY
Head of mortgages at Halifax Amanda Bryden said: "Our customers completed more house sales in March than in January and February combined, including the busiest single day on record.
"Following this burst of activity, house prices, which remain near record highs, unsurprisingly fell back last month."
Regional variations across the UK show significant differences in house price growth. Northern Ireland continues to record the strongest annual property price growth at 6.6 per cent in March.
Scotland follows with a 4.3 per cent annual increase, while Yorkshire and the Humber lead in England with prices rising by 4.2 per cent. The North West saw growth of 3.8 per cent, with Wales close behind at 3.7 per cent.
House price rises
- Northern Ireland - £206,620, 6.6%
- Scotland - £213,750, 4.3%
- Yorkshire and the Humber - £215,807, 4.2%
- North West - £240,554, 3.8%
- Wales - £227,332, 3.7%
- West Midlands - £261,772, 3.3%
- East Midlands - £246,254, 2.9%
- North East - £175,825, 2.3%
- South East - £392,444, 2%
- Eastern England - £335,731, 1.7%
- London - £543,370, 1.1%
- South West - £304,091, 1%
LATEST DEVELOPMENTS
More than 10 regions saw house prices increase
PALondon experienced much weaker annual price growth at just 1.1 per cent, though the capital maintains the highest average house prices in the UK at £543,370.
The South West recorded the lowest growth among regions at just one per cent, while Eastern England saw a modest 1.7 per cent increase.
The recent stamp duty changes have created additional challenges for buyers, with "nil rate" bands shrinking in England and Northern Ireland from April 1.
