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16th April 2007
House
price Rise sets new records
The housing market seems to be still offering up encouraging signs
with recently released data. Asking prices for
homes in England &
Wales have risen at their fastest pace in almost four years in April.
This information seems to suggest that although interest rates have
increased and may be increased again, it has done little to dampen the
housing market. On an annual basis between March 11th &
April 7th, property prices have risen by 15%, this is up in excess of
2.5% from the previous month. This amount is the highest annual
increase since May 2003. Asking prices leapt 3.6% in one month and the
average price of a home is now in excess of £236,000.
Although asking prices are not the same as actual
selling prices, these figures seem to indicate that the market is still
reasonably buoyant but there may be some lag between these figures and the actual
true state of the market. It is known that the Bank of England would
prefer house price growth to slow as there are growing concerns that
current
house prices are now beyond the means of many first time buyers. There
is strong speculation that the Bank of England will move shortly to increase
interest rates again to help peg back house price increases.
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