CLG: house price growth up in April

Posted: 12 Jun 2007 11:10:09 GMT


            Property News - CLG: house price growth up in April

The average house price in the UK rose to £209,454 in April this year, the Communities and Local Government (CLG) department reports, compared with £206,890 in March.

The average house price in the UK rose to £209,454 in April this year, the Communities and Local Government (CLG) department reports, compared with £206,890 in March.

According to the latest figures from the government department, annual house price inflation stood at 11.3 per cent in April, up from the 10.9 per cent rate recorded in March.

The research suggests that the property market is in good health, despite rising interest rates, although the figures do not reflect the most recent base rate hike in May.

"These numbers confirm that the housing market was in rude health at the start of the second quarter," commented Royal Institution of Chartered Surveyors (Rics) economist David Stubbs.

"Tight supply conditions were driving prices skywards, but the hikes in interest rates since August have now started to slow the market somewhat."

Mr Stubbs also noted that price rises appeared to be occurring nationwide, rather than in select areas.

Northern Ireland and Scotland saw higher annual rates of inflation, however, with Northern Ireland seeing prices rise by 54.1 per cent in a year compared with the ten per cent increase experienced in England.

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