Weakest home price growth in three and a half years

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Home price growth was at its lowest yearly level since October 2019, according to the Halifax Lender.

It said the average selling price was £287,880 last month, up 0.8 per cent in February but an annual gain of just 1.6 per cent.

It comes as rival lender Nationwide said home prices fell 3.1 percent, the biggest annual decline since July 2009.

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What happened overnight

Asian stocks sank while bonds and safe-haven currencies rose as mounting evidence of a slowdown in the United States raised concerns about a possible global recession.

Equity investors have been tempted to take money off the table after recent strong gains and with many global markets heading into the Good Friday holiday, when pivotal US monthly payroll data is due.

Japan’s Nikkei fell 1.3 percent, making it the worst performing major market in the region alongside South Korea’s Kospi, which fell by the same amount.

Chinese blue chips fell 0.4%. Hong Kong’s Hang Seng Index declined 0.4 percent, with technology stocks in the index down 1 percent.

Wall Street delivered a mixed performance on Wednesday after recent signs that the Federal Reserve may pause interest rate increases in response to a slowing US economy.

The Dow Jones Industrial Average rose 0.2%, closing at 33,482.72.

However, the broad-based S&P 500 closed 0.3% lower at 4,090.38, while the technology-rich Nasdaq Composite was down 1.1%, at 11,996.86.

US Treasury prices rose, dragging down yields as weaker-than-expected reports highlighted a slowdown in the US labor market and services sector, reinforcing expectations that the Federal Reserve may ease monetary policy soon.

The 10-year yield fell as much as eight basis points, to 3.26%. It is the lowest record level for the bond since mid-September.

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