House prices 0.7% higher than last year as first annual growth is recorded
HOUSE prices are more expensive than they were a year ago, the first time annual growth has been recorded in over a year.
Figures from Nationwide showed they were 0.7 per cent higher this February than the same month in 2023.
The average house price in the UK is now £260,420.
A year-on-year increase had not been recorded since last January as mortgages rocketed on the back of 14 interest rate rises by the Bank of England.
The annual growth in property prices gives fresh confidence that the housing market is now stabilising.
And it comes after official figures this week highlighted an uptick in mortgage approvals.
Last year, buyers struggled to afford a mortgage as lenders raised interest costs on home loans.
The slowdown in the housing market has also meant more people have been trapped renting, which has driven rents to record high levels.
Meanwhile, the UK’s biggest property listings website Rightmove yesterday reported an eight per cent rise in pre-tax profits to £260million.
The increase was partly because estate agents were paying more to advertise properties and achieve sales in the slump.
M&S law win
MARKS & SPENCER has won its battle against Michael Gove’s attempt to block plans to demolish and redevelop its Marble Arch store in central London.
The minister last year refused permission on heritage and environmental grounds but the High Court has overturned his decision.
Asda pay rise
ASDA is spending £150million to be the best paying supermarket.
The grocer said it will raise salaries for 120,000 staff to £12.04 an hour — £13.21 inside the M25.
Co-owner Mohsin Issa said the firm was still in “a transition period”. He denied a rift with brother Zuber, who may sell his stake.
Good week
ANDREW Nisbet who will make at least £339million from selling his kitchen supply firm, Nisbets, to firm Bunzl.
Bad week
HALFORDS boss Graham Stapleton as shares fell by a quarter after warning of a bike part sales slump.