17 Apr

House price growth slows throughout February

House price growth slows throughout February

The speed at which house prices through estate agents was growing at the start of the year slowed in February, according to a new report from the Office for National Statistics (ONS).

The governmental body said that the rate of increase for February was 1.3 per cent, which meant that there had been a marked slowdown when compared to a month before when it sat at 2.2 per cent.

It also showed that the price first timers are having to pay when looking to secure their first home is on the rise, largely due to the introduction of NewBuy, which saw newcomers buying more expensive new builds increasingly.

In the year between February 2012 and 2013, the cost of buying for new purchasers rose by 1.6 per cent.

David Brown, commercial director of LSL Property Services said of the report: "Increasing house prices are a positive sign for the housing market, but a growing hurdle for a new generation who want to share in that prosperity. Insipid wage growth and chronically high inflation are riding roughshod all over first-time buyers’ finances, and higher house prices will only make it harder for them to get the mortgage they want."ADNFCR-1222-ID-801572923-ADNFCR

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