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Relentless House Prices Increase Ignore Summer Break

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Guest mattsta1964


Relentless house prices increase ignore summer break


House prices increased by almost three per cent during July, with the average property in the UK now valued at 217,580, according to online property firm Rightmove.

In its monthly house price survey, the website reports that the average asking price increased by 2.9 per cent during the last month, giving a year-on-year rise of 10.6 per cent, the largest increase experienced by the survey since August 2001.

Today's results are especially startling given the fact the housing market traditionally unwinds during the summer season, which gave witness to the modest 0.8 per cent house price rise experienced last month.

But analysts are claiming that the property sector has defied expectations by delivering "phenomenal" weekly price increases of 1,500.

Miles Shipside, commercial director of the property website, said: "There are always fewer new instructions as we enter the summer months, but this year we have not seen a corresponding fall in the number of buyers. Consequently, sellers are asking for more and getting it, especially in the south.

"The last month has seen the biggest rise in nearly five years, but it is skewed by the increases in the southern half of the country, particularly the southeast where prices rocketed by over 12,000."

Even though the north-south property divide has been shown to be closing, the plight of first-time buyers is still markedly worse in London and the south-east, with the latter experiencing a monthly price rise of 4.7 per cent.

Mr Shipside explained: "In addition to growing demand from affluent buyers there are increasing numbers of households being formed. The lack of supply of suitable property on the market, exacerbated by the shortage of new build, means that buyers are faced with paying record prices."

In the capital itself the annual house price rise was a 'staggering' 13.8 per cent, with the commercial director adding: "The number of enquiries for London properties keeps increasing. This combined with a shortage of supply pushes prices up. It's a sign of a really strong market when the onset of summer holidays fails to dent demand. We are talking about a London phenomenon."

© Adfero Ltd

The madness of it!

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