LONDON (Reuters) – British house prices rose at their fastest pace in more than two years in the 12 months to February, according to official data published on Wednesday.
Average house prices rose by an annual 5.4% to 268,000 pounds ($355,556) in February, the fastest increase since December 2022 and up from a 4.8% increase in January, the Office for National Statistics said.
The expiry at the end of March of temporary tax incentives for buyers of less expensive homes as well as for first-time buyers encouraged potential purchasers to move ahead more quickly with their plans in the months leading up to the change.
Other, more forward-looking measures of the housing market showed a weakening of demand in March as buyers ran out of time to get the discount.
Private-sector rents across Britain in March were 7.7% higher than in March last year at 1,332 pounds a month, slowing from February’s 8.1% annual rise, the ONS said.
($1 = 0.7537 pounds)
(Writing by William Schomberg; editing by David Milliken)
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