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House prices welcome strongest monthly rise in three years

Summary

Property analyst Hometrack claims UK house prices recorded their strongest monthly increase in three years, rising by 0.3 per cent over February.

Our Solution

Property analyst Hometrack claims UK house prices recorded their strongest monthly increase in three years, rising by 0.3 per cent over February. Many lenders and estate agents witnessed activity uplifts last month, encouraged by promotion of the government's Funding for Lending scheme. This has been launched with the aim of increasing the availability of finance and reducing loan rates in order to attract first-time buyers.  It was no surprise to see house values in London lifting by the biggest margin month-on-month, though analysts may not have envisaged the area reporting a growth of 0.7 per cent - the strongest uplift since February 2010. Telegraph.co.uk says a fifth of all postcodes across England and Wales saw a rise in prices, the highest share in three years. In fact, the North East was the only region to record drop in prices, with average values sliding by 0.1 per cent. In the aftermath, homeowners in the likes of Durham, Newcastle and Sunderland might be looking for innovative ways to boost their property values. This could involve anything from conducting a few energy-saving changes or building a garden office for their back yard. Richard Donnell, director of research at Hometrack, highlighted that a lack of homes on the market has also helped values along, but claimed this would still represent a boost.   "The general improvement in market sentiment on the back of rising prices will be welcomed across the housing industry," he told dailymail.co.uk.

Author:

Richard Towey

27th March 2013