13 Sep

UK housing market enjoys slight boost according to property study

UK housing market enjoys slight boost according to property study

The UK housing market has enjoyed an unexpected boost as prices increased 1.6 per cent in August, providing a much needed shot in the arm.

Estate agents have seen transactions rise by 1.5 per cent while those looking for property for sale in London will be interested to see that house prices rose by 1.6 per cent in the capital.

Director of LSL property services, who carried out the survey, David Newnes said: "The housing market across the country is moving in the right direction. Prices in London rose most, thanks to all the cash buyers pushing up demand. In London, there are more buyers with large deposits and they are less exposed to the squeeze on mortgages."

August's monthly gain of 0.3 per cent was buoyed by a 1.6 per cent rise in London property prices. At £219,078, the value of the typical home showed a 2.2 per cent year-on-year fall. Sales of flats are now 80 per cent below market peak.ADNFCR-1222-ID-800727732-ADNFCR

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