05/03/2015

UK House Prices Increase

UK house prices in the three months to February 2015 were 2.6% higher than the previous three months, according to the Halifax.

However, annual price growth eased, from 8.5% in January to 8.3%, and is below last July's peak of 10.2%.

Martin Ellis, housing economist, said: "The firming in price growth shown by the recent pick-up in the three month-on-three month comparison and indications of a modest rise in activity are likely to be due to a boost to housing demand as a result of increases in real earnings and spending power, further recent falls in mortgage rates and stamp duty changes.

"The supply of both new and secondhand homes available for sale remains low; another factor that is likely to be supporting house prices. Supply remains tight despite housebuilding in England increasing for the second consecutive year in 2014 and a recent rise in the number of properties coming on to the market."

(CD/IT)

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