According to Hometrack, February has seen house prices rise faster than they have for 32 months.<\/p>\n
The property research firm estimates in the last four weeks the average property value in England and Wales rose 0.7 per cent, the biggest jump since May 2004.<\/p>\n
And Februarys rise means house prices are now 6.4 % higher than 12 months ago.<\/p>\n
“Despite the January rate rise it seems that a lack of supply is continuing to support higher prices, primarily in London and the south-east,” said Richard Donnell, Hometrack’s director of research.<\/p>\n
In February there was a rise in the number of properties coming onto the market, but this increase was not enough to keep up with demand.<\/p>\n
Hometrack figures show 14 per cent more properties were registered with estate agents in the last few weeks, but there was a 23 per cent increase in the number of buyers looking to purchase over this same period.<\/p>\n
Overall this means house prices rose across almost half of the country – although these were concentrated in the south, with house prices rises highly limited outside of London and the south-east.<\/p>\n
Average prices grew just 0.1 per cent in the East Midlands, Yorkshire and Humberside and Wales. It takes seven or more weeks to sell a home in these regions, compared with less than two-and-a-half-weeks in London.<\/p>\n
“What we’re seeing here is primarily an issue for southern England with price growth in most other regions limited by widespread affordability pressures and a reasonable supply of housing for sale,” Mr Donnell said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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