Housing market booms against inflation's bust

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The UK housing market is steaming ahead full pelt according to a troika of surveys just out, which will more than offset news inflation as measured by the government's preferred index fell last month.

The Consumer Price Index fell to 1.3% in February from 1.4% the previous month on an annualised basis, well below the Bank of England’s target of 2%, the Office for National Statistics reports this morning. However, contrast that with the latest monthly survey from Rightmove, which reports house prices jumped by a massive 2.9% in the past month. Following a 2.1% increase in January, this means average house prices are already up 5% this year. Annualised house price inflation is now running at 11.9%, Rightmove says, while the average national asking price has hit £179,570. A do...

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