10:29 - 7.04.2023

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April 7, Fineko/abc.az. The cost of residential real estate in the UK in March 2023 increased by 1.6% year-on-year, the lowest pace since October 2019, ABC.AZ reports with reference to consulting company Halifax.

It is noted that back in July, the growth in housing prices reached 12.5%, but then the pace dropped sharply due to a reduction in demand for real estate in conditions of high inflation and mortgage rates.

Relative to the previous month, British homes rose by 0.8% after rising by 1.2% in February.

The average house price in the country now stands at 287,880 pounds ($358,600), down 2% from the peak last August.

"Recent data continue to point to relative stability in the housing market at the beginning of 2023," said Kim Kinnerd, head of Halifax's mortgage business.