House prices edge up in April
Posted: 02 May 2006 09:50:28 GMT
April saw house prices rising by 0.6 per cent according to new statistics, representing the biggest monthly increase in almost two years.
Price increases in London and the south-east led the way during the month, although values climbed across 36 per cent of the country.
The latest survey from Hometrack suggests that the national average house price is now £163,500, but Richard Donnell, Hometrack's director of research, has said that the north-south divide remains pronounced.
"London continues to be the engine for national house price growth with values in the capital moving 1.2 per cent higher over the month and by over three per cent over the last quarter," he said.
"In contrast, growth in the regions away from the south of England has totalled less than 0.5 per cent over the last three months," he added.
It would seem that sellers in London are currently benefiting from the fact that while the supply of homes on the market increased by 14 per cent during the last quarter, demand grew by more than 50 per cent.
Interestingly, while the time taken to sell a property in London is typically around 4.2 weeks, other areas in the country are struggling in this respect.
In Wales, selling a house tends to take 8.4 weeks and in the north-west it takes around 8.7 weeks. In the East Midlands, meanwhile, 8.9 weeks is the expected time, with sellers struggling to attract enough potential buyers to look at the property.
It provides yet another incentive for private selling and the advantages of maximising the potential interest in a house by appealing to a wider market via the internet.