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UK Property Prices Rise Most in Six Years

UK Property Prices Rise Most in Six Years

Residential Property Prices Continue To Increase

UK residential property prices have increased by 0.4% in May 2013, the biggest monthly increase since May 2007, as, according to Hometrack Ltd, a shortage of available residential properties boosted average property values in London.

Average residential property prices in England and Wales have seen a gradual increase in value during the last six months with property prices increasing gradually, while London property prices have jumped 0.9% over the same timeframe.

Demand for residential property in the capital has surged 15% in the past six months alone, while supply of available properties has fallen 0.6%.

Richard Donnell, Director of Research at Hometrack said, “The impetus for rising house prices is originating almost exclusively from London and the South East. Elsewhere housing market conditions are improving gradually, with prices trending slowly upwards.”

The Government initiative to ease the strict lending conditions set by lenders has improved the overall health of the UK property market but the Funding for Lending scheme needs to be backed by more solid initiatives.

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The Governor of The Bank of England, Sir Mervyn King has defended the UK Central Bank’s decision to revive its stimulus programme after official figures showed inflation rampaging ahead.

Speaking to an audience of company directors in Liverpool Mr King said that the pick up in the annual inflation rate to 5.2% in the 12 months to September 2011 was in line with expectations.

According to the Bank’s Monetary Policy Committee, inflation will soon start to fall. At the same meeting, Sir Mervyn King issued another prognosis, not only on the UK but on the global economy.

He stated that Britain is at risk from a fundamental crisis in the world economy and “time is running out” to solve it.

Despite record low interest rates, printing new money for quantative easing and other emergency measures, Governments have not yet addressed the underlying problem of overspending that was the cause of the financial crisis.

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