UK house price growth “picking up”

According to ONS, house price growth picked up in February.

The Office for National Statistics (ONS) said that across the UK, prices rose by 5.8% in the year to February, up from 5.3% in January.

Recent figures from the Nationwide and the Halifax have suggested that house price growth is slowing down, while the Council of Mortgage Lenders (CML) reported very strong borrowing in January and February, with a total of 93,200 loans taken out in the first two months of the year – the highest number since the financial crisis.

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

“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 house has fallen.

Figures from the ONS sale, which include cash sales, reveal that the average price of a property has risen to a record high of £217,502.

Prices are rising the fastest in the East region of England- up 10.3% in the last year.

In the North East, prices are rising by 2.2%.

Nationwide reported that average prices fell during the month of March. And last week the Halifax said annual house price inflation was at its lowest for four years.

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