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18/04/07 - UK House
Prices Hit Record High |
The average asking
price for a house in England and Wales rose by 3.6% last month - the
largest hike in five years...
Rightmove's House Price Index for April shows annual inflation now riding at
15%, up from 12.2% the month before, reports The Telegraph.
It pushes the asking price of a typical home in England and Wales up to
£236,490, a leap of almost £31,000 from the same period a year ago.
Property experts said the traditional "Easter bounce" had combined with a
continued shortage of supply and high demand from buyers to propel prices
upwards.
This has been boosted by a one-off "feeding frenzy" as stock-hungry estate
agents persuade sellers to put their homes on the market ahead of the
introduction of Home Information Packs (HIPs) in June.
HIPs - introduced in a bid to slash the number of failed transactions - are
likely to increase the cost of selling a house by around £300 to £500.
Every region booming
Miles Shipside, commercial director of Rightmove, said:
"Sellers' asking prices provide one of the earliest indicators of which way
the market is headed, and whilst a boost is to be expected around Easter,
£8,000 in a month is the largest amount we have ever recorded."
Every region saw major increases, with the minimum jump being £3,000.
The South East saw the largest monthly rise in asking prices, up 4.3% on
March's Index. London remains the most expensive part of the country, with
the asking price of houses up 3.7% in the month.
Over the last year, the cost of property in the capital has risen by 25%,
with average asking prices now standing at £379,846.
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