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House prices continue to grow in February

Wed 19 Mar 2014

Nationwide has published figures which have highlighted a continuing trend for house price growth during February. Their statistics revealed a 0.6% increase in average values since January to £177,846. This represents and annual rise of 9.4%.

Houseladder.co.uk reported that this is the 14th consecutive monthly increase in house prices, boosting the confidence within the housing sector.

Robert Gardner, Chief Economist at Nationwide, commented: "Price growth is being supported by the fact that the supply of housing remains constrained, with housing completions still well below their 
pre-crisis levels, which was already insufficient to keep up with the pace of household formation."

He added that cash buyers have played a crucial role in the recovery of the UK housing market, with 35% of all purchases being cash buyers.

"“Your initial valuations were spot on, just right to attract maximum interest and a modest amount of bidding. The estimated values were also much more accurate than some other estate agents we consulted. Your office was brilliant in providing continuous updates on viewing lists and offers; it also made a difference that you arranged individual rather than mass block viewings. So thank you Jon for two excellent results, great work by all your office staff and you in particular.” "
Mr D