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Fastest Rate Annual House Price Growth Since 2007 | Economic news

Average house price growth rose at the fastest annual rate for 14 years in March, official figures show.

The Office for National Statistics (ONS) saw a 10.2% increase over the 12-month period – fueled by strong demand for properties with plenty of space and aided by government action in favor of the market COVID-19[female[feminine restrictions went up and down.

The numbers – released hours after the body was revealed a jump in inflation – put the average cost of a property in the UK at £ 256,000 in March, an increase of £ 24,000 over the year.

The most recent house price surveys suggest that there was no slowdown in demand in April and even May, with asking price being pushed higher by a lack of salespeople.

Sale and sale signs
ONS data showed the strongest annual growth in Wales at 11%, followed closely by Scotland and England

March was the month Chancellor Rishi Sunak announced an extension of the stamp duty holiday covering England and Northern Ireland – with Wales and Scotland also receiving similar support.

A mortgage guarantee scheme for first-time buyers also contributed to the price hike, which began after the first nationwide foreclosure was lifted last year.

While many have rushed to buy property with outdoor space, surveys have also revealed an exodus from city centers which are largely dominated by apartments.

The ONS said on Wednesday that prices for single-family homes rose 11.7% year-on-year through March, compared with a 5% increase for apartments and maisonettes.

London recorded the smallest increase in house prices of any region in the UK, with an increase of 3.7%.

Prices in Yorkshire and the Humber region jumped 14%.

Affordability is of growing concern when interest rates rise

Among British countries, Northern Ireland experienced the lowest annual growth at 6%, while Wales led with 11%.

The increases prompted warnings about …

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This notice was published: 2021-05-19 08:54:00