Prices rise in November

Posted: 04 Jan 2008 10:49:03 GMT

House prices in England and Wales rose in November, according to the latest Land Registry House Price Index.

House prices in England and Wales rose in November, according to the latest Land Registry House Price Index.

The survey shows that the average property increased in value by 0.6 per cent between October and November.

Annual growth remained constant at 8.1 per cent, taking the average property price to £186,009.

Commenting on the figures, Robert Bryant-Pearson, chief executive of Allied Surveyors, said that a major correction in the market is unlikely.

"Overall there is hardly good evidence to suggest that a property crash is imminent," he commented.

"There is still a severe shortage of homes which means that prices cannot plunge, only correct for certain types of property which has been a long time coming," added Mr Bryant-Pearson.

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