UK House Prices Rise Amid Surge In Supply: Rightmove

(RTTNews) - Average asking price of UK houses increased in March, in line with long-term average, amid decade-high competition to sell, property website Rightmove said Monday.

House prices grew 1.1 percent on a monthly basis in March, faster than the 0.5 percent rise in February.

At the same time, annual growth in house prices softened to 1.0 percent from 1.4 percent in the previous month.

While new Spring buyers will not beat this month's stamp duty deadline, they will benefit from the highest property choice at this time of year since 2015, Rightmove said.

The number of sales being agreed was 9 percent higher than in the same period last year, which was a positive sign for the market post stamp duty increase, Rightmove noted. "Historic averages show that this March is likely to be one of the strongest months of the year for sellers to spring into action," Rightmove property expert Colleen Babcock said. "The big milestone ahead in England is the stamp duty deadline, and with a massive log-jam of 575,000 moves going through the legal completion process, many costconscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax," said Babcock.