| UK
House Prices Situation: Strong
UK
House Prices Forecast: Will slow in 2007, but
should remain firm
October
Price Rises More Than Double Forecast
The
average house price in the UK rose
by 1.7% in October – more than double the 0.7%
forecast by analysts. This is the highest rise
since April, and means that average prices have risen
by 8.6% over the last year, according to Halifax figures
released this week.
Halifax
chief economist Martin Ellis said that "higher
utility bills and mortgage rates are expected to gradually
dampen demand", but most analysts agree that it
is hard to predict the extent to which the market may
slow next year.
One
of the contributing factors to recent rises is thought
to be the reduced stock of properties available on the
housing market, with competition for these properties
leading to a greater than expected rise in prices.
17%
Rise in Properties Sold This Year
There
has been a 17% rise in the number of properties sold
in England and Wales this year, according to new figures
released by the Land Registry. They also revealed that
the average home in England and Wales is now worth £211,453.
Terraced
Houses Rising Fastest
Newly-published
Land Registry figures have shown that terraced houses
have seen the greatest price rises
over the last year, with an average 10.16% rise. Slowest
risers were detached houses, which have only appreciated
an average of 5.96%. This is probably a result of the
relative affordability of terraced houses, which are
often the most accessible type of housing in large towns
and cities.
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