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Financial News: UK House Price Inflation Highest Since 2007: ONS

UK House Price Inflation Highest Since 2007: ONS

05/19/2021 - 05:39:00 (RTTNews)

(RTTNews) - UK house price inflation accelerated to its highest level in 14 years in March, data from the Office for National Statistics showed Wednesday.

The house price index rose 10.2 percent year-on-year following a 9.2 percent increase in February.

The house price annual inflation rate was the highest since August 2007, the ONS said.

The annual rate has climbed steadily since July last year, when it was 1.8 percent.

London remained the region with the lowest annual growth, of 3.7 percent, for the fourth consecutive month.

The ONS noted that the coronavirus pandemic may have caused house buyers to reassess their housing preferences.

The average price of detached properties increased 11.7 percent in the year to March, while those for flats and maisonettes rose 5.0 percent over the same period.

The average UK house price was GBP 256,000 in March this year, which was GBP 24,000 higher than in the same month last year.

Compared to the previous month, average house prices in the UK increased 1.8 percent in March, which was double the 0.9 percent rise seen in the same month a year ago.

House prices rose a seasonally adjusted 2.1 percent between February and March, after a 0.8 percent climb in the previous month.

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