Housing market show signs of “sustainable recovery”
Latest figures from Assetz House Price Watch show UK house prices 8.8% higher in March than a year earlier, with the average value of a home increasing to £198,960.
The property investment firm, which claims to produce the only fully-inclusive summary of the major UK house price indices, also reports that prices have risen steadily over the last 12 months, reaching their highest level since August 2008.
The increase takes the value of the average home to just 7.5% below its October 2007 peak, although the rate of growth has been slowing.
The six month rolling average showed 6.48% annualised growth in March, down from 8.64% in February and a high of 11.98% in October 2009.
Assetz’s chief executive, Stuart Law, claims the data is evidence of a “consistent housing market recovery” with the rate of growth merely “slowing to a more sustainable level”.
Looking to the year end, Mr Law expects 5% growth in house prices overall.
Last week, the Land Registry published house price data for England and Wales showing a positive annual change of 7.5% in March.