Economy boosts housing market

Posted: 13 Oct 2006 11:59:51 GMT

The strength of the British economy is fuelling further house price rises across the country, according to a new report.

The strength of the British economy is fuelling further house price rises across the country, according to a new report.

The Royal Institution of Chartered Surveyors (Rics) reports that house prices nationwide are continuing to accelerate and rose in September this year at their fastest rate in four years.

The latest data from the organisation shows that five times as many chartered surveyors reported price rises in September this year than reported falls, up from four times the previous month.

Rics members have reported 11 consecutive months of price rises, with estate agents nationwide claiming that buyers are returning to the market.

Buyer enquiries leapt during September for the 16th month in a row and the organisation claims that London has witnessed an upsurge in gazumping, as demand continue to outstrip demand and the economy booms.

Rics spokesman Jeremy Leaf commented: "Greater economic activity has created a ripple effect in house prices across the country. With stocks of property low and buyer enquiries on the increase, sellers remain in poll position to benefit in the short term."

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