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The confidence of UK households in property prices has risen to yet another record high.
The latest Knight Frank’s house price sentiment index found that households across the UK perceived the value of their home had improved in March, the 12th month in a row, as optimism in the country improves.
The index’s rise reflects the stronger economic fundamentals around the UK, with only 4 per cent of households reporting that the value of their property had fallen over the last month.
However, underlying the headline figures is the data which highlights the patchwork nature of the market. While households in all regions report rising house prices, the pace of growth varies, with those in the North East reporting a very slight uptick, compared to Londoners who reported the biggest increase in prices since the survey began in 2009.
Tim Moore, senior economist at Markit, said: “The latest sentiment data is now broadly consistent with double-digit annual UK house price growth. However, regional disparities persisted in March, with the steep upward trajectory in London and the South East once again boosting the UK-wide picture.”