UK house prices fall in March amid uncertain impact of Middle East conflict

Average price dips back below £300,000 after higher energy costs have knock-on effect on mortgage rates

UK house prices fell in March, as the housing market lost momentum amid uncertainty over the conflict in the Middle East and the impact on the economy and interest rates.

Figures from Halifax, which is part of Lloyds – Britain’s biggest mortgage lender – showed property prices dipped by 0.5% in March compared with a month earlier. As a result, the average price of a home slipped back below £300,000, to £299,677, after first crossing the milestone in January.