HOUSE prices in Britain recorded their strongest monthly jump in three years in March partly as a knock on effect of the crisis in Cyprus, UK property analyst Hometrack said yesterday.
The 0.3 per cent rise was driven by a boost to London house prices, with concerns over the crisis in Cyprus and the eurozone likely to send more cash flowing into the English capital in the coming months, the study said.
The national increase in house prices this month marks the highest growth seen since March 2010. Prices soared by 0.7 per cent month-on-month in London, showing the strongest uplift since February 2010.
Three-fifths of London postcodes saw prices increase in March and London properties now spend just under five weeks on the market before they are snapped up – the shortest average time period seen since October 2007.
London has enjoyed strong demand from wealthy overseas buyers who see the capital as a “safe haven” from the troubles of the eurozone.
Richard Donnell, director of research at Hometrack, said that the latest crisis in Cyprus “will only serve to further boost the flow of international funds into the capital”.

Cyprus Mail