Average
house price increase
Latest
figures from the Land Registry reveal that the average house price
in the
UK
is now just short of £200,000 with
a figure of £199,184.
House prices are now 7.71 per cent higher than they were during the
same period last year when the average price was £184, 924 and the
annual increase stood at 5.43 per cent.
House
prices are now 7.71 per cent higher than they were during the same
period last year when the average price was £184, 924 and the
annual increase stood at 5.43 per cent.
The Land Registry's figures were taken from April to June 2006 and
reflect the buoyancy and health of the
UK
housing market. Sales in
England
and
Wales
were up by 23.76 per cent compared with the same period in 2005.
Greater
London
continued to show increased growth both in house prices and in
sales, with the latter showing a 26.69 per cent increase. In total
during the period studied 33,254 houses were sold in
London
and the number of homes selling for more than £1 million also
increased.
This latest set of figures comes in the wake of highlighting the gap
between supply and demand. More people are looking to buy than sell,
thus the market continues to demonstrate good growth that could see
continuation despite an interest rate rise.
Commenting on the housing shortage, Peter Bolton King chief
executive of the National Association of Estate Agents (NAEA),
stated: "Last year there was quite a lack of confidence that
came over from the previous year. Then people realised the crash was
not going to happen, they were reassured that interest rates were
not going to go up and they piled back in."
Overall 1,246 properties sold for over £1 million in 2006 compared
to 718 in 2005. It appears that the property market will continue to
attract buyers prepared to pay increased prices; in order to get on
the property ladder and reap the benefits of continued growth.
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