Asking prices for UK homes show solid gain in Feb-March

20 Mar, 2017 9:17 am

LONDON – Asking prices for homes in England and Wales are showing above-average increases as a shortage of properties for sale outweighed any nervousness about Brexit, a survey published by property data firm Rightmove showed on Monday.

Prices sought by sellers during the month to March 11 were 1.3 percent higher than the month before, matching its second strongest increase for the period since 2007. Prices were up 2.3 percent in annual terms.

Britain’s housing market has so far proven to be much more resilient to Brexit than the forecast of a sharp hit made by former Chancellor of Exchequer George Osborne before last June’s European Union membership referendum.

Economists polled by Reuters expect house prices to rise by around 2.5 percent this year, slower than in previous years but still in positive territory. -Reuters

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