The UK housing market saw more of the same regarding house prices within the month of March, according to the Halifax. House prices grew only slightly during the last month of the first quarter, increasing by 0.4%. The annual rate of property price growth headed in the opposite direction, as it slowed a bit. Property prices were up by 8.1% compared with a year ago, whilst February saw annual property price growth was 8.3% higher compared with the same time last year.

Currently, according to those close to the market, demand is being upheld by low mortgage rates which are still available and the growth of personal earnings. Earnings are expected to continue their pace of steady increase through the year, whilst house prices are estimated to grow slightly. Many economists predict house prices to increase by an estimated 5% by year’s end.

As house price growth continues its trend of rising, first time buyers are likely going to continue their challenge of affording a home. The average price of a UK house now sits at almost £193,000. Without help from a government programme, first timers are increasingly having difficulty raising the financing for a down payment.

Many potential home buyers are playing a game of wait and see as uncertainty is looming over the housing market. The future will become clearer at the conclusion of the general election, which is taking place soon.

Activity for original loan mortgages as well as remortgages is expected to spike when some unsettled issues are tackled within a few months.