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New figures show rise in UK house prices

The latest figures to be released show the average UK house price has increased over the course of this month, suggesting that the housing market is remaining strong in the face of other economic problems.

These figures come from the newest house price index to be published by Rightmove. They show a rise of 0.8% in average prices for properties new to the market during March. In monetary terms, this amounts to an increase of £2,906 for the month and it is being largely attributed to rises in the prices of sizeable properties.

Although it represents a significant increase and is encouraging news for the UK property market, it is still a slight drop on the average monthly increases for the period that the market has seen during the past two decades. UK house prices have typically increased by 1% in March. The slightly slower rise is down to the fact that many of those looking to sell their homes have opted to accept discount offers from buyers to get the deal over the line.

The latest monthly rise means that the average UK property price is currently set at £365,357. Rightmove has stated that rising living costs and higher interest rates have both been factored into its new figures. Looked at on an annual basis, house prices have risen by 3%, compared with 3.9% in February, which is largely down to those factors.

Those who have done the CeMAP mortgage advisor course may be looking to specialist lenders as prices continue to rise.

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