House prices rise by over half in February Average house prices rose in 51 per cent of postcode districts across the UK in February, the highest coverage of gains for almost 10 years. Hometrack’s monthly national housing survey shows that average prices increased by 0.7 per cent in February – the largest monthly increase since April 2007. While prices rose in all regions in the month, London and the South East saw the strongest gains with 1.1 per cent and 0.9 per cent, respectively. Housing demand increased by 17 per cent during the month and the stock of housing for sale rose 11.2 per cent. However, Hometrack assures that supply is growing from a low base and further supply must be created to ease the upward pressure on prices. Hometrack director of research Richard Donnell says: “The housing recovery continues to spread across the country, building on the momentum that started a year ago. “The latest survey shows the greatest coverage of house price growth for almost a decade, showing the extent to which market sentiment has improved in the last 12 months. The continued imbalance between supply and demand indicates we can expect further upward pressure on prices in the months ahead.”
Posted on: Tue, 04 Mar 2014 09:34:53 +0000
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