Irrepressible; House prices.(Upturn in house-price inflation)
Economist (US), The, March, 2004
To the Bank of England's alarm, house-price inflation has risen
THE Bank of England has lectured and hectored Britain's homebuyers. It has administered a half-point increase in interest rates over the past four months. To no avail: house-price inflation is accelerating again. This suggests that homebuyers should treat the Bank's decision to keep rates on hold on March 4th as a temporary reprieve.
According to the Halifax bank, house prices rose in February by 1.6%. The increase means that the annual rate, which had fallen from 25% at the start of 2003 to 14% in November has picked up again to 18%. The Nationwide building society echoes this finding. It also reported a sharp monthly increase in February, raising its annual rate to 17%.
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