National house prices rise by 0.3 per cent over February
Last month saw British house prices experiencing their strongest lift in three years – the average value rising by 0.3 per cent.
New figures from property analyst Hometrack show a number of areas welcoming an increase in home values, signalling a general improvement in market sentiment.
It was of little surprise to find that the strongest uplift was seen in London, where telegraph.co.uk claims values rose by 0.7 per cent month-on-month – the biggest hike since February 2010.
On the other hand, a fifth of all postcodes across England and Wales witnessed an increase in house prices – the highest share in three years.
The North East was in fact the only region to see a slump in values, and the slight drop of 0.1 per cent is unlikely to deter investors of property in Middlesbrough, Newcastle and Sunderland to any great extent. Furthermore, through making improvements to their kitchen, garden or their property’s energy efficiency rating, homeowners around these areas might even be able to bring their assets up to speed.
Hometrack says part of the reason for the increases can be put down to concerns over the situation of owning property in debt-ridden Cyprus. However, Richard Donnell, Hometrack director of research, says providing affordable accommodation remains key to the British market’s resurgence.
He told qck.com: “While scarcity of homes, support for lending and new housing will all act as a support to pricing levels, the problems of affordability and deposit levels remain impediments to a full-blown market recovery.”