UK house prices rise according to ONS

Wed, 12 Apr 2017

UK house prices rise according to ONS
According to the Office for National Statistics (ONS), house prices growth rose in February.

Nationwide, prices rose by 5.8 per cent in the year to February, representing a rise from the 5.3 per cent seen in January, it said.

Recent figures given by the Nationwide and the Halifax have implied that there has been a slowing down of house price growth.

Meanwhile. the Council of Mortgage Lenders (CML) has reported that borrowing in January and February was "very strong".

The ONS figures show that the average price of a property has risen to a record high of £217,502.

However, according to the Nationwide, average prices fell during the month of March, which was followed up by statistics from the Halifax that show house price inflation was at its lowest rate for four years.

The CML said borrowing in January and February was the strongest for 10 years. In total, 93,200 loans were taken out in the early part of 2017, representing the highest amount since the financial collapse.

"Seasonal factors traditionally keep the market quieter in winter months, but 2017 began relatively strong on the house purchase side," said Paul Smee, the CML's director general.

"Borrowers took out more loans to purchase a home in the first two months of 2017 than any year since 2007."

That number was driven by an increase in the number of first-time buyers. However, the number of existing homeowners needing a new mortgage to move to a new house has fallen.
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