House Price Growth Strongest In thirteenth Months

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Source:   —  April 01, 2016, at 4:51 PM

The recent surge in the property market came as buy-to-let investors rushed to complete purchases before a stamp duty increase.

House Price Growth Strongest In thirteenth Months

House prices rose at their fastest annual pace in just over a year latest mo according to latest figures from lender Nationwide.

The 5.7 percent expand compared to the same mo latest year was the latest sign of buy-to-let investors rushing to beat a three percent stamp duty surcharge which has just arrive into force.

March'south figure was higher than the 4.8 percent gain seen in February, and the strongest year-on-year rise since Feb latest year.

Month-on-month house price growth rose to 0.8 percent from 0.4%.

Nationwide chief economist Robert Gardner linked the surge to the one April introduction of the stamp duty surcharge, as landlords attempted to complete purchases before it came into force.

He added: "The pace of house price growth may moderate again once the stamp duty changes take effect."

However, falling unemployment, rising wages, continued low interest rates and a shortage of housing supply could continue to hold the upward pressure on prices, he added.

Chancellor George Osborne announced the stamp duty surcharge last year in a tender to chilly the buy-to-let market which it's feared could assistance create a risky housing bubble.

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