British House Prices Rise Best Since 2007

British house prices rose much faster than expected last month to record their biggest annual rise since the start of the financial crisis, data from mortgage lender Nationwide showed on Thursday.

House prices rose 1.2 percent last month alone, Nationwide said, up from an upwardly revised 0.5 percent in March and far outstripping expectations in a Reuters poll for a 0.7 percent increase.

The average price of a house in Britain now stands at 183,577 pounds ($310,000), 10.9 percent higher than a year ago and the biggest annual rise since June 2007.  The latest spurt is likely to add to concerns that Britain’s housing market recovery may get out of control, despite measures introduced late last month to impose more stringent affordability checks on home-buyers.

Reuters

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