House prices up in February -- for third month in row |
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Published
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Mon, 27 Feb 2006 11:15
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LONDON: House prices in Britain have risen in February, marking the third successive month of increase and the fastest rate since June 2004, according to property research firm Hometrack.
The firm, in its latest survey published Monday, said prices have registered a 0.4 per cent increase during the month, taking the average price of a house in the country to 161,700 pounds. However, prices are lower by 0.5 per cent compared with those prevailing a year earlier, Hometrack said.
The prices had increased by 0.1 per cent in January and fell 1.04 per cent on the year.
The firm also said there has been 26 per cent increase in the number of buyers registered with agents during the month.
Hometrack's director of research Richard Donnell said the prices will continue to rise in the next month or so as a result of more buyers in the market against limited availability of homes on sale.
Prices have gone up in all the 10 regions in England and Wales, with the biggest increase in London.
Donnell said in all the regions, the average time taken to sell property has been declining. In London specifically, it is just 5 weeks -- for the first time since July 2004. The average price in the capital, where there is a 35 per cent increase in new buyers, has risen 0.9 per cent to 243,700 pounds.
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U.K. house price rise in 2005 slowest in 5 years: Nationwide 