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Story summary
- UK house prices fell 0.5% in March, according to Halifax, leaving the average property price at £299,677 and reversing February's 0.3% rise.
- Rising mortgage rates, driven by higher energy costs and inflation fears, have led to the withdrawal of many low-cost mortgage deals.
- Amanda Bryden, head of mortgages at Halifax, said the slowdown reflects uncertainty regarding the conflict in the Middle East.
- She added that the duration of weaker demand will depend on the lasting impact of these economic pressures.
