Survey: UK House Prices See Fastest Growth In Five Years

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7th March 2014 10:44 - Housing

According to a recent Halifax report, British house prices have jumped sharply in February, rising at the fastest monthly pace since May 2009. Halifax said that house prices rose 2.4% in February compared with a 1.1% rise in January, far outstripping a Reuters poll consensus for a 0.7% gain.

House prices in the three months to January were 7.9% higher than a year earlier, compared with 7.2% in January.

Halifax said an improved economic outlook, falling unemployment and better confidence had boosted demand, but pressure on household finances and below-inflation growth in earning would constrain the rise of house prices.

A separate survey from mortgage lender Nationwide shows the rate of house price growth slowed in February, in contrast with Halifax’s survey. However, the annual pace of growth was the biggest in nearly four years.

Howard Archer, economist at IHS Global Insight, said:

"While the strength of house prices is not yet a serious concern outside of London, it is something that needs to be closely monitored given that a number of recent data and surveys have indicated that the strength in house prices is becoming more widespread."

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