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New Data Shows Residential Property Prices Are Still Climbing

New Data Shows Residential Property Prices Are Still Climbing

New Data Shows Residential Property Prices
Are Still Climbing

UK property prices are continuing to increase across all UK regions, according to the latest data published by the mortgage lender, Halifax.

The latest data gathered in a survey by the Halifax for February 2014, shows that residential property prices increased by 2.4% during the month, making average property prices 7.9% higher than they were in February 2013.

The growth in UK residential property prices over the last 12 months is the fastest annual pace of increase since October 2007 and means an average residential property in the UK now costs around £179,872 (GBP).

Residential house prices are increasing because of improving economic conditions in the UK and increased demand from frustrated buyers, encouraged by the Government’s Help-To-Buy scheme offering first-time and next-step buyers cheaper mortgages.

A recent poll of 27 economists and analysts by news agency, Reuters suggested that residential property prices could increase by another 7% this year, led by activity in the London property market.

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UK house prices have risen by approximately £100 a week so far this year meaning that house prices have increased by 1.7% or £3,667 since January 2011.

Property experts analysed more than a million homes in new research by property website FindaProperty.com and found that in almost every part of the UK prices have risen by an average of 1.7% or £3,667 since January.

The positive news will come as a relief to homeowners, many of whom have been left in negative equity as the value of their properties collapsed since the recession.

And for investors battling stock market turmoil it shows there is still money to be made in bricks and mortar which is still a safe haven for investing hard-earned pounds.

Experts say a shortage of homes in Britain means demand is driving up the price.

The research has also revealed that properties are sold nine days faster than they were at the beginning of the year.

The average cost of property in Greater London is now up £33,641 since September 2008 to £427,889. (2008 was the year when Lehman Brothers collapsed triggering the end of 100 per cent mortgages and a credit freeze).

The rise in house prices shows confidence in the property market remains steady as a result of more people realising that the old adage is true…

“In times of trouble invest in bricks and mortar”.

Despite the rollercoaster of economic tough times over the past 4 years, property has proven yet again to be a far more solid investment than analysts thought at the start of the year. This growth is very encouraging amid a still struggling economy.

According to the websites latest House Price and Affordability Index the only area of the country where house prices have dipped this year is Wales, down 0.4% since January 2011

Scotland saw the biggest rise with asking prices increasing 4.9% or £720 a month.

In the West Midlands house prices rose by 2.9% and the North East saw property values increase by 2.6%.

London, property prices rose by 2.3% and in the rest of the South East prices were up 0.9%.

Property prices also rose between 1.2 – 1.5% in Yorkshire, Humber, East Midlands and the East of England

A number of factors support house prices, including the shortage of homes for sale and although demand currently isn’t as strong as many agents and analysts would like it is cancelled out by a weak supply of properties available.

Interest rates have stagnated at 0.5% and are unlikely to rise for at least another year yet turmoil in the stock market and problems with the euro debt crisis are encouraging people to invest in property.

There is an increased demand for property from amateur landlords, who are returning to the property market to take advantage of soaring rents. This is placing upward pressure on prices.’

Earlier this month it was revealed that the price of an average house is expected to rise  by up to 14% over the next four years, reaching the highest ever recorded in Britain.

The Centre for Economics and Business Research predicts the typical home will be worth more than £200,000 by 2015, up from its current £176,000.

Average house prices peaked in 1997at £191,200

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