High demand sends house prices soaring

Posted: 17 Jul 2006 10:41:16 GMT

            Property News - High demand sends house prices soaring

The period from early June to early July saw asking prices for houses in England and Wales rising at their quickest annual pace for more than a year.

New research from Rightmove has revealed that asking prices were 10.6 per cent higher in the period than during the corresponding month in 2005, in comparison to a 6.4 per cent discrepancy in the preceding 30-day phase.

Exceptional demand in the south of England was once again the driving force behind this growth, although the property market in Wales also enjoyed a buoyant month.

Miles Shipside, Rightmove's commercial director, observed: "There are always fewer new instructions as we enter the summer months, but this year we have not seen a corresponding fall in the number of buyers - consequently, sellers are asking for more and getting it, especially in the south."

He added: "The last month has seen the biggest rise in nearly five years, but it is skewed by the increases in the southern half of the country, particularly the south-east where prices rocketed by over 12,000 pounds."

While annual house price increases in all southern regions were in double-digits, the north of England saw house prices climbing by only three per cent from last year.

In England and Wales as a whole, the average property is now worth £217,580, after an increase of around three per cent in July.

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