DCLG data shows housing boom over summer |
|
|
Published
:
Mon, 11 Sep 2006 15:35
|
LONDON - Figures from the Department for Communities and Local Government (DCLG) released today confirmed that house price growth in July increased to a 14-month high underlining the property market boom seen in the summer.
The house-price inflation was 6 percent in July up from the 5.3 percent recorded in June, the report said. This jump is the highest in the property markets since May last year. As usual it was London, which topped the list with 7 percent jump in prices in July as compared to a 5.5 percent growth in June.
The average house price in Britain is now £194,454 compared with £191,016 in June. An average property in London cost £285,434 in July. Forts time buyers had a tough time getting on the property ladder with average prices soaring to £150,252.
Reacting to the report, Milan Khatri of the Royal Institution of Chartered Surveyors said, "The acceleration in house price inflation reported by the DCLG for July to a 14-month high confirms that the property market enjoyed a firm rebound during the summer months. House price rises for first-time buyer properties fell back in July but at 5.6% is still running above average wage rises, increasing difficulties for would-be buyers to get on to the housing ladder."
These figures from the DCLG confirm the findings of other surveys that the property market was booming during summer. But this report did not take into account the effect of the quarter point increase in interest rates by the Bank of England early in August.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
1317.98 |
+1.86 (
0.14 %)
|
| SYMBOL (
2008-11-21 ) |
| LAST |
CHANGE
|
|
RIO TINTO
(
11:29am )
|
|
2100.00 |
+78.00 (
3.72 %)
|
| SYMBOL (
2008-11-21 )
|
| LAST |
CHANGE
|
| SYMBOL (
2008-11-21 )
|
| LAST |
CHANGE
|
|
|
Print this Story
House price inflation rate down, is the market stagnated? 