North-western house prices set to soar

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North-western house prices set to soar

Wed 15th Nov 2006

House prices in the north-west are to rise by almost a quarter of a million pounds over the next five years, a National Housing Federation report suggests.

With home ownership likely to increase by 77 per cent over a similar period, a knock-on effect will see a sharp rise in prices - which have already doubled to verging on £140,000 in the last half-decade.

Unsurprisingly, social problems are predicted as a result - with the area's average house price currently six-and-a-half times the average salary and steadily rising.

Malcolm Struthers, a spokesman for the National Housing Federation, said: "The recent and predicted rapid rise in house prices puts a huge financial strain on those looking to get a foot on the property ladder.

"As a result, this has a major social and economic impact on the north-west. With homelessness and housing waiting lists rising so dramatically in the region, the government must provide more affordable homes to tackle these major issues."

This month to date has seen a 1.3 per cent rise in house prices across the UK as a whole - the third consecutive monthly rise and evidence that confidence among sellers is starting to bloom.

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