February saw house prices go up faster than ever in the last 32 months, so says Hometrack.
This property research firm has worked out that in the past four weeks the average property value in England and Wales rose 0.7%, the largest increase since May 2004.
This monthly increase means that house prices are currently 6.4% higher than in February 2006.
It still seems that a lack of supply continues to support higher prices, particularly in London as well as the south-east.
In February there was a rise in the number of properties coming onto the market, but this increase was not enough to keep up with demand.
Hometrack figures depict that 14% more properties were being registered with estate agents in the previous few weeks, yet there was a 23% increase in homebuyers over that same time period.
This entailed house prices rising by 42% across the country , with many concentrated in the south. House prices rises were highly limited beyond London and the south-east.
Yorkshire, East Midlands, Wales and Humberside witnessed a 0.5% rise in house prices, with it taking seven plus weeks to sell a home with these regions. It takes just two and a half weeks to do so in London.
Price growth is very limited in other regions as there are affordability pressures as well as a reasonable supply of housing for sale.
Given the seeming willingness on the part of buyers to pay what is necessary to access the market, house prices are likely to go up further over the next few months.
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Biggest House Price Increases in 32 Months
Tue, 27 Feb 2007
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