House price inflation in the U.K accelerated notably in March, after easing in the previous five months, figures from the Office for the National Statistics showed Tuesday.
Average house prices climbed 9.6 percent year-over-year in March, faster than February’s 7.4 percent growth, which was revised from a 7.2 percent rise estimated earlier.
In January, prices had risen 8.4 percent.The latest rate of increase was the highest in three months.
The pace of annual house price growth increased across the majority of the UK, the ONS added.
Prices rose 9.4 percent in England, 5.7 percent in Wales, 7.5 percent in Northern Ireland and 14.6 percent in Scotland. This marked the highest annual increase in Scotland since July 2007.
House prices in London climbed 11.2 percent. Excluding London and the South East, UK house prices went up by 8.1 percent in the next 12 months to March.
On a monthly basis, house prices rose a seasonally adjusted 1.1 percent in March, following a revised 0.9 percent hike in the prior month. It was the second consecutive monthly rise.
The material has been provided by InstaForex Company – www.instaforex.com