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UK house price inflation fastest for five years, says Rightmove

Figures from Britain's leading property website Rightmove reveal that house prices in the UK have increased by GBP1,500 each week over the last month, the strongest growth rate for almost five years.

Rightmove, which advertises 70% of UK homes for sale in estate agents, published the figures that show the average house price rose by 2.9% over the last month which takes the annualized rate of inflation to10.6% for the first time in 16 months, the Guardian has reported.

The online company says the increase has added GBP6,137 to the asking price of the average price for a house in Britain. However, the newspaper observed that this latest data contradicts that of mortgage lender Halifax, which claimed prices were falling at their fastest rate for five years.

Rightmove found that the southeast of the country recorded a staggering increase in the price of housing of 4.7% during the month, which represents GBP3,000 a week.

Buyer confidence has been enhanced by stable interest rates and a strong economy. This confidence combined with the ready availability of flexible funding from lenders, means that many of those who aspire to buy houses can still find the means to do so, Rightmove said in a statement.