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Asking prices for British homes hit highest on record in May

Published on May 19, 2014 10:04 AM

LONDON (Reuters) - Asking prices for homes in Britain hit a new record high in May, adding to concerns about the speed at which the housing market is growing.

Asking prices rose 3.6 per cent in the four weeks to May 10 - the biggest ever increase for this period - to an average of 272,003 pounds (S$572,300). They were up 8.9 per cent from a year ago, the highest annual rate since October 2007.

"May is a traditionally bullish price rise month, though this year's 3.6 per cent jump beats the previous May high of 3.2 per cent set in 2002," said Miles Shipside, Rightmove director.

"A late Easter in the heart of the house-hunting season has not only concertinaed the traditional hottest home-moving period by several weeks, but also stagnated seller numbers, further stirring up prices in areas of buoyant demand."

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