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UK property market has had strong start, analysis of indices reveals

Property Wire
UK property market has had strong start, analysis of indices reveals - UK - property market

The residential property market in the UK has had a strong start to the year despite continued economic gloom, according to an analysis of data from the leading house price indices.

There has been a 3% rise in house prices since the end of last year, the analysis of house price data from ONS, LSL, Acadametrics, the Halifax, the Nationwide and Rightmove carried out by Assetz.

Its House Price Watch reports says that the average price of a home is now £202,017, an increase of £5,864 since December. This is the highest average house price recorded since July 2008.

The annualised average rate of growth now stands at 10.3% while the three and six month annualised rates of growth are 12.17% and 3.73% respectively.

‘The year has got off to a strong start, with a 3% rise in average house prices in the first quarter as an average of all of the main indices. Whilst there were a number of factors driving the market upwards, such as a rush to complete purchases ahead of the stamp duty holiday being withdrawn, there were also a number of negative factors such as rising mortgage rates that failed to quell the rise in transactions. In fact, HMRC figures showed a large surge in completed sales in March, up 17% in a month, as house buying demand continued to grow,’ said Stuart Law, chief executive of Assetz.


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