The fastest house price growth in the last one year in the UK was registered in February, as the average price peaked at £297,832, revealed the House Price Index announced by LSL & Acadata.
While the prices of houses increased by 0.6 per cent, East of England has emerged as the top performing region, as residential property prices went up by 5.9 per cent. Merseyside and Birmingham are currently experiencing peak prices - up 5 per cent and 6.2 per cent respectively, as demand continues to drive the price growth.
In December, London properties also saw appreciation of prices by 0.4 per cent, particularly in Central London area. Properties in five boroughs in East of London have collectively seen an increase of 0.8 per cent in their share of the London market. On a similar theme, the top five boroughs by price now account for 9.8 per cent of sales in London, while the lowest five boroughs by price account for 15.7 per cent, the House Price Index noted.
While the East of England remains the region with the highest rate of house price inflation for the ninth month in succession, at 5.9 per cent. London commuter areas of Luton and Essex are continuing to set new peak prices in the month.
Highest house price growth for a year with Birmingham and Merseyside experiencing new peak