Reports say quick house sales more likely as UK house prices see steepest rise in 36 months

Average house prices in Britain rose more rapidly in March than at any time for three years, jumping by 2.2% over the month, according to figures from Halifax.

The spike in prices is the biggest monthly rise since May 2009. It is believed that the sudden rise was fuelled by first-time buyers rushing to beat the expiry of the stamp duty holiday at the end of March – Halifax has also confirmed this. They pointed to the quarter-on-quarter figures, which showed a fall of 0.1%, as a better guide to the underlying trend in house prices.

There are certainly signs of a pick-up in the property market when it comes to quick house sales. The number of completed house sales was at 81,000 in January and February – the highest level it has been at since late 2009 and a large 14% ahead of the same period last year.

Data from surveyors’ body Rics was also noted by Halifax, which showed that stocks of unsold properties had also reduced in recent months.

April 21, 2012 at 2:23 am | Quick House Sale |
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