House prices 0.7% higher than last year, as the first annual growth is recorded
House prices are more expensive than a year ago, the first time in more than a year that annual growth has been recorded.
Figures from Nationwide show that these were 0.7 percent higher in February than in the same month in 2023.
The average house price in Britain now stands at £260,420.
No year-on-year increase had been recorded since last January as mortgages soared following 14 rate hikes by the Bank of England.
The annual growth in real estate prices gives new confidence that the housing market is now stabilizing.
And it comes after official figures this week showed a rise in mortgage approvals.
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Last year, buyers struggled to afford a mortgage as lenders increased interest charges on home loans.
The slowdown in the housing market has also resulted in more people being trapped in the rental sector, pushing rental prices to record highs.
Meanwhile, Rightmove, Britain’s largest property website, yesterday reported an eight percent rise in pre-tax profits to £260 million.
The increase was partly because real estate agents paid more to advertise real estate and realize sales during the crisis.
M&S law wins
MARKS & SPENCER has won the battle against Michael Gove’s attempt to block plans for the demolition and redevelopment of the Marble Arch store in central London.
The minister refused permission last year on heritage and environmental grounds, but the Hoge Court reversed its decision.
Asda pay rise
ASDA spends £150 million to be the highest paying supermarket.
The grocer said it will increase salaries for 120,000 staff to £12.04 per hour – £13.21 within the M25.
Co-owner Mohsin Issa said the company was still in a “transition period”. He denied a rift with brother Zuber, who may sell his stake.
Good week
3
ANDREW Nisbet, who will make at least £339 million from the sale of his kitchen supplier Nisbets to firm Bunzl.
Bad week
3
HALFORDS boss Graham Stapleton as shares fell by a quarter after warning of a slump in bicycle parts sales.