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New Data Shows Residential Property Prices Are Still Climbing

New Data Shows Residential Property Prices Are Still Climbing

New Data Shows Residential Property Prices
Are Still Climbing

UK property prices are continuing to increase across all UK regions, according to the latest data published by the mortgage lender, Halifax.

The latest data gathered in a survey by the Halifax for February 2014, shows that residential property prices increased by 2.4% during the month, making average property prices 7.9% higher than they were in February 2013.

The growth in UK residential property prices over the last 12 months is the fastest annual pace of increase since October 2007 and means an average residential property in the UK now costs around £179,872 (GBP).

Residential house prices are increasing because of improving economic conditions in the UK and increased demand from frustrated buyers, encouraged by the Government’s Help-To-Buy scheme offering first-time and next-step buyers cheaper mortgages.

A recent poll of 27 economists and analysts by news agency, Reuters suggested that residential property prices could increase by another 7% this year, led by activity in the London property market.

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