U.K. Housing Prices Increased by 13 % For the 3 Weeks

Housing prices in the United Kingdom on a year-over-year basis increased by 13 % for the 3 weeks ending Dec. 2. This is the largest increase in housing prices in more than four years.

House-price inflation throughout the U.K. reached a 19-month high in October, with the rate rising to 8.6 % from 8 % in September.

The increase was led by housing prices in London where the average price of a home increased by 2.9 % from the month of September.

On average, asking prices in the rest of the U.K. fell by 0.3 % during the same period. U.K. housing prices are projected to climb higher throughout 2007.