House prices grew at their fastest pace for 12 months in February, with average prices increasing 0.6%, double the rate in January. Strong performance in the East of England, new peak prices in Merseyside and Birmingham, and a return of growth in high value London property pushed average prices up to £297,832.

Despite this boost, annual house price inflation continued to fall for the twelfth consecutive month, dropping to 2.4%, the lowest annual rate since 2013. Estimated transactions in England and Wales in February, at 62,000, are also down 0.4% on January, but year-to-date remains higher than in 2015 and 2013.

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents, said: “It’s an encouraging start to 2017. We’ve seen the strongest house price growth in a year, the emergence of the promised Northern Powerhouse and the first tentative signs of a recovery in our highest priced properties in London.

“The good news too is that the number of first time buyers grew last year and house building was up – although home ownership is now at its lowest level in over three decades.”

Source: Your Move

 

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