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UK House Prices Situation at 4 5 2007: Fairly stable, growth slowing in some areas
UK House Prices Forecast: Continued growth in high-demand areas
Brighton Housing Costs Rising Fastest Per Square Metre
The second annual House Price Per Square Metre Survey has revealed that the cost per square metre of living space has risen faster in Brighton than anywhere else in the last 10 years.
The survey calculates the cost per square metre of interior space, providing an interesting measure of relative housing costs in different locations. Although London remains the most expensive place in absolute terms, at £3,883 per square metre, Brighton's prices have risen fastest, growing by a whopping 280% since 1996 to reach £2,559 per square metre.
Truro, in Cornwall, recorded the second fastest rate of growth, with London managing third place.
The survey was conducted by Halifax Estate Agents, and looked at data from 62 UK cities.
Average Price Below £100k? Not In The UK
Every town in the UK now has an average house price over £100,000, according to the latest house price data from mortgage lenders Halifax.
Lochgelly, in Fife, Scotland was the last town to have an average price below £100,000, but the average home in the former mining town now costs £104,738.
Bank of England Warns Property Boom Likely To End
In a memo to the House of Commons Treasury Committee, the Bank said that while the last decade has been characterised by low inflation and low interest rates, this was unlikely to continue.
The Bank believes these "benign" conditions may well be coming to an end, along with the corresponding property boom. Economist Ed Stansfield, of Capital Economics, agreed, saying that it was "not impossible to imagine" house prices falling in some areas next year, a statement echoed by several other economists.
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