UK House Price Average Now Above £100,000
First quarter results for 2007 show it is no longer possible to purchase property in the UK for less than an average of £100,000, with all areas showing price rises.
The property market in the UK has seen price increases across the board for the first quarter of the year. New research shows that it is impossible to find an average house price lower than £100,000 in any town in the UK. The report by Halifax found the Scottish town of Lochgelly in Fife to have the lowest average price at £104,738. It was possible to find properties below the £100,000 average in as many as 200 towns across the United Kingdom as recently as 2002.
Halifax found that all areas of the UK recorded price increases from January to April of 2007; Scotland experienced the highest increases of 7.5 per cent, followed by the south-west with 5.4 per cent.
Experts at the Halifax believe that although house prices in the UK are still rising in a tight local real estate market, factors such as interest rate rises since the 2nd quarter of 2006 have lowered demand somewhat. Additional interest rate rises as well as council tax rises could result in the price growth slowing. Economists at Nationwide seem to concur, as they believe these increases would “cool” in the coming year.
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The property market in the UK has seen price increases across the board for the first quarter of the year. New research shows that it is impossible to find an average house price lower than £100,000 in any town in the UK. The report by Halifax found the Scottish town of Lochgelly in Fife to have the lowest average price at £104,738. It was possible to find properties below the £100,000 average in as many as 200 towns across the United Kingdom as recently as 2002.
Halifax found that all areas of the UK recorded price increases from January to April of 2007; Scotland experienced the highest increases of 7.5 per cent, followed by the south-west with 5.4 per cent.
Experts at the Halifax believe that although house prices in the UK are still rising in a tight local real estate market, factors such as interest rate rises since the 2nd quarter of 2006 have lowered demand somewhat. Additional interest rate rises as well as council tax rises could result in the price growth slowing. Economists at Nationwide seem to concur, as they believe these increases would “cool” in the coming year.
If you wish to see the original article please click here
posted by Obelisk International at 4:10 pm
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