- Richard Sexton, director of LSL's e.surv business
U.K. house prices picked up in August, posting a first gain in three months, as demand grew, data from a survey by Acadametrics and LSL Property Services showed on Friday. The average price of a home in England rose 0.1 per cent to 226,243 pounds last month, jumping 2.6 per cent from a year earlier.
"Rather than signaling a radical shift in the housing market, the improvement reflects a mini-resurgence following more sluggish buyer activity earlier in the summer, affected by a combination of the Jubilee bank holiday and historically heavy rainfall," said Richard Sexton, director of LSL's e.surv business.
"In reality, obtaining a big-enough mortgage remains a hurdle for thousands of first-time buyers."
"Given that Greater London is the biggest contributor to rising house prices, and that a significant percentage of these transactions are for cash, particularly at the top end of the market, this is a very important factor driving the LSL Acad index," said Acadametrics and LSL.
The FTSE 100 Index gained 0.65 per cent to 5,819.92. The broader FTSE All-Share Index increased by 0.60 per cent to 3,036.49.
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