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House prices rose by average £2,000 in February


House prices rose by average £2,000 in February
PA Media: Money 








By Vicky Shaw, PA Personal Finance Correspondent

PA Media

The average UK house price was around £2,000 higher in February than a year earlier, according to official figures.

Property values increased by 1.1% over the 12 months to reach £230,000 on average, according to Office for National Statistics (ONS) and Land Registry figures.

Within England, London was the region with the highest growth, with prices increasing by 2.3% year on year to an average of £477,000.

Average house prices increased over the period to £246,000 (0.8% annual growth) in England, £164,000 (3.4%) in Wales, £151,000 (2.5%) in Scotland, and £140,000 (2.5%) in Northern Ireland.

Prices in the East of England fell by 1% annually in February – marking the first time since November 2019 that any region recorded a decline.

The North East of England continued to be the only region where house prices were yet to surpass their pre-2007 peak. The average house price there was £125,000 in February.

Stricter social distancing measures imposed in March to limit the spread of coronavirus mean many potential home-movers have paused their plans for now.

Gareth Lewis, commercial director of property lender MT Finance, said: “The March and April figures are likely to show a distinct change as the volume of purchases dries up.”

Jeremy Leaf, a north London estate agent and a former residential chairman of the Royal Institution of Chartered Surveyors (Rics), said the period covered by the index “renders it almost irrelevant in view of the market turmoil since”.


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He continued: “However, results do confirm post-Brexit activity, particularly in London, giving hope that activity will continue where it left off if lockdown restrictions can be eased relatively soon.”

Anna Clare Harper, co-founder of property fund Anglo Residential, said: “The good news is the data reflects a positive underlying trajectory of improving confidence


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