UK house prices rise fastest in a year as London rebounds
[LONDON] UK house prices rose at their fastest pace in a year last month as high-value London property showed signs of a rebound.
The 0.6 per cent increase in values lifted the average to £297,832 (S$511, 830), Acadata and LSL said in a report on Monday. Nevertheless, annual price growth softened for a 12th month, to 2.4 per cent, the lowest since 2013.
According to regional data for January, London home prices gained 0.4 per cent from December, snapping a two-month decline, and gains in the high-value areas of the capital contributed to the increase in February.
The city's property market "still faces challenges," Acadata said, noting that the annual gain in prices was the weakest in almost five years and transactions have slumped 22 per cent over the past three months compared with a year earlier.
Over 2016, the UK capital was one of the worst performers among 10 regions analyzed, partly due to weakness in prime locations because of Brexit and tax changes.
Lack of affordability has also contributed to the slowdown, with data by Lloyds Bank last month showing the average home in the capital cost more than 10 times annual earnings.
BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore office rents in central region fall 1.7 per cent in Q1 after rising for 9 quarters
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
Country Garden plans to present debt revamp plan in H2, sources say
Hong Kong home prices rise for first time in 11 months after curbs scrapped
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%