Rate increase fails to hinder housing boom
www.moneynews.co.uk > Housing market > Rate increase fails to hinder housing boom
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Money News |
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Rate increase fails to hinder housing boom
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The figures showed prices were up ten per cent on a year ago, representing the first double-digit rise since August 2003.
The average asking price has increased £5,500 since the beginning of the year and now stands at £174,506.
"Prospective purchasers have returned to the market quickly in 2004, as evidenced by a strong upswing in interest via the main property websites and through estate agents' doors," said Miles Shipside, Rightmove's commercial director.
House prices are continuing to soar despite the Bank of England introducing two quarter point interest rate hikes in the past three months, fuelling concern that the housing market bubble may burst.
Prices rose over the month in all regions except for the East Midlands, Yorkshire and Humberside and the South West, Rightmove said.
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