XINHUA – Britain’s house prices increased by 0.4 per cent month on month in February, data from Nationwide, the country’s largest building society, showed recently.
House prices have now risen for six consecutive months. The average price of a home purchased through Nationwide reached GBP270,493 (USD340,784).
The annual rate of house price growth remained broadly stable in February at 3.9 per cent, compared with 4.1 per cent in January, according to Nationwide.
“Housing market activity has also remained resilient in recent months, despite ongoing affordability challenges,” said Nationwide’s Chief Economist Robert Gardner.
However, transaction levels remained below those recorded in 2019 before the pandemic.
Gardner noted that with stamp duty increases set to take effect in early April, buyers are expected to accelerate their purchases to avoid the additional tax, which is likely to result in a surge in transactions in March.
