UK
House Prices Situation: Strong
UK
House Prices Forecast: Staying high
Britain's
strong housing market is continuing to grow, says a
new report from property website Rightmove, released
this week. UK house prices have grown by an average
of 11.5% over the last year, but this growth has been
heavily skewed towards certain areas of the country.
While
the north of England has seen an average growth of only
2%, London's most exclusive borough, Kensington and
Chelsea, as seen a dizzying rise of 66% over the last
year, with the average house price now a staggering
£999,087. London as a whole has seen strong growth,
with an average increase of 19%, as have areas such
as Exmoor, where the average house price has risen to
£366,159, with an influx of wealthy buyers from
London and the south-east putting upwards pressure on
prices.
In
a further sign that the strength of the housing market
is set to continue, Deputy Governor of the Bank of England
Rachel Lomax has said in an interview for the Daily
Mail that she believes the economy is healthy and that
despite record housing prices, the country is not heading
into a boom and bust scenario.
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