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 House prices approach ‘2 year high’
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Thursday, May 03, 2007 |
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New figures reveal that house price growth is nearing its highest level for two years...
The Land Registry has said that prices rose by one per cent during March in England and Wales, leaving the cost of the average home now standing at £178,423, reports Reuters
The figure amounts to a year on year increase of 8.3 per cent, and is once again being driven by increases in London, where prices are continuing to rise faster than the national average, with the average price of a property in the capital now £323,511.
Other flourishing areas include Brighton and Hove, which has experienced increases of 14.7 per cent since March 2006.
"The data for this month shows one of the highest annual increases in almost two years," a Land Registry statement revealed.
"A year ago, in March 2006, the annual price change was 4.3 per cent, almost half the 8.3 per cent annual price change in March 2007," the statement continued.
A report published by the National Institute for Economic and Social Research this week said that rising house prices were transferring a considerable burden of debt to future generations due to first-time buyers struggling to gain a foothold on the property ladder.
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