UK house prices rose for the third straight month in April, according to Rightmove Plc - a website tracking property developments in Britain. The average asking price for a home rose 1.8% to 22,077 pounds after rising 0.9% in March. Over the last 12 months, however, the figure has fallen, by 7.3%.
Spurred by an increase in mortgage approvals, the housing market has seen a considerable recovery. This comes during the period in which the Bank of England cut the overnight rate by 100 basis points. Lower policy rates have begun to manifest themselves into the real market and have allows home buyers to lock-in low costs of borrowing.