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Investing.com -- U.K. house prices rose by 5.4% annually in February, with growth accelerating from the previous month, official data showed on Wednesday.
According to data by the Office for National Statistics (ONS), the average house price in February was £268,000 ($355,556), marking the quickest growth since December 2022.
This is a notable increase from the 4.8% rise seen in January.
The ONS suggested this surge was influenced by the expiration of temporary tax incentives at the end of March. However, the housing market showed signs of weakening demand in March.
In terms of rents, the private sector in Britain saw a 7.7% annual increase in March, with the average rent reaching £1,332 a month. This is a slight deceleration from the 8.1% annual rise observed in February, according to the ONS.