Large properties drive house price growth

Posted: 16 May 2006 09:21:28 GMT

            Property News - Large properties drive house price growth

House prices in the UK have now been climbing for six consecutive months, with the larger properties leading the way.

The latest housing market survey from the Royal Institution of Chartered Surveyors (Rics) has found that in the three months to April, 15 per cent more chartered surveyors reported a rise in house prices than a fall.

This was up from 12 per cent in March, with confidence in the industry soaring and the economy once again strengthening.

Currently, the larger and mid-range property types are enjoying the most significant price gains, with the price of flats stuttering slightly.

Demand for property has remained high in the last few months although it seems that the number of sellers is at last on the rise because of a slightly weakening labour market.

The strongest housing markets have been observed in Scotland and London, although the northern regions have developed a "healthy competitive edge".

Jeremy Leaf, a spokesman for Rics, commented: "The rise of house prices suggests a return of confidence to the market boosted by a healthy economic climate. Greater economic wealth has boosted prices for larger properties as buyers remain content to invest for the long term, with a rising stock market not detracting interest in real estate."

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