House Price Rise Continues

House Price Rise Continues.

The Office for National Statistics (ONS) has said that house prices are continuing to accelerate at a fast moving pace.

Prices in February reached 9.1% jumping from 6.8% in January.

Data from lenders such as Halifax and Nationwide has showed that prices experienced moderation over the last 2 months.

February’s data also showed that prices were 3.6% higher than the pre-recession peak in 2008. Excluding London, house prices rose 5.8%.

London has been rising at such a fast pace that experts have said they are seeing two different property markets. London is rising at the pace of that of a small country.

Over the last year, prices in London have increased 17.7%, this is the highest rate since 2008. This has yet again caused experts around the country to start questioning the possibility of a house price bubble.