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UK House Prices Post Strongest Annual Growth In Four Years - Rightmove

Mon, 21st Sep 2020 04:50

(Alliance News) - UK house prices returned to monthly growth in September, numbers on Monday showed, falling just shy of a record set in July.

According to property portal Rightmove, average asking prices inched up 0.2% monthly to GBP319,996, from GBP319,497 in August, which at the time was a 0.2% decline from July. Annually, September growth was 5.0%, the largest yearly rise in four years and improved from August's 4.6% hike.

Rightmove noted that September's prices were just GBP269 lower than a record set in July.

"The trend of up-sizing to a larger home has continued at pace over the past month, leading to record asking prices in the second-stepper sector, made up of three-or four-bedroom homes. This price record has been fuelled by buyers looking for more space, including both those who need extra space for their families and those looking for room to work from home," Rightmove said.

Areas outside the South of England saw the "strongest price jumps", Rightmove added. Yorkshire & the Humber, East Midlands, West Midlands, North East, North West and Scotland were "all at new records".

Sales agreed in the year to date are down 5% over the same period last year, Rightmove noted, demonstrating the impact of the Covid-19 lockdown.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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