Average property prices in Britain climbed by over £16,000 (S$33,840) in the past year, according to the UK’s largest mortgage provider, Halifax.
Its latest index also showed that prices increased by 2.4 percent month-on-month in February. This is the highest monthly increase since May 2009.
On a yearly basis, prices rose by 7.9 percent, taking the price of a typical three bedroom semi to £179,872 (S$380,415), up by £16,404 (S$34,694) over the same period last year.
Meanwhile, sales climbed for the ninth consecutive month in January to 103,440 units – an increase of 30 percent year-on-year.
Oliver Atkinson, Director of online estate agent urbansalesandlettings.co.uk, noted that the “momentum is approaching madness” in some parts of the country.
However, Halifax Mortgage Director Stephen Noakes expects the continuing pressures on household finances to continue to limit the rate of growth of house prices.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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