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UK House Prices Rise As Covid-19 Restrictions Ease

UK house prices increased in June as coronavirus containment measures were eased, data from property website Rightmove showed Monday.

Average asking price of property coming to market in England increased 1.9 percent in June compared to March before the housing market was put on hold.

On a yearly basis, house prices advanced 2.9 percent in June after rising 3.5 percent in March.

Releasing flood of pent-up demand, 40,000 new sales were agreed since market re-opened on May 13.

Data showed that number of sales agreed recovered, to a daily rate of decline to just 3 percent from a year ago.

There are no signs of panic selling or even a price dip, Rightmove director Miles Shipside said. Buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards.

Shipside noted that figures at present show an activity boosting and price under-pinning dynamic between supply and demand, driven by low mortgage rates and pent-up housing needs.

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