Asking prices for UK homes growing at fastest pace in six years

[LONDON] Asking prices for homes in Britain rose at the sharpest rate in more than six years over the past 12 months despite a big rise in new listings coming onto the market recently, property website Rightmove said yesterday.

Rightmove's February house price index showed the price of properties coming onto the market in the four weeks to Feb 8 was 6.9 per cent higher than a year earlier, the biggest increase since November 2007. January's index showed a 6.3 per cent rise.

"New sellers are now asking over £16,000 (S$33,670) more than those who came to market a year ago, a rate of increase not seen since before the credit crunch took hold in 2008," Rightmove director Miles Shipside said.