House prices in London rise by 10%
Thursday 15 April 1999
The quarterly Halifax housing index, which came out this morning, reveals that home-owners in London, the North West and Northern Ireland have benefited most from the recent recovery in the housing market. Prices in all three of these regions are up by more than 2.5 per cent since the start of the year.
In Greater London and Northern Ireland, the annual rates of house price inflation are running at 9.6 per cent and 10.1 per cent respectively, according to Halifax research. The average price paid per house sold in Greater London is pounds 114,666, compared to a nationwide average of pounds 73,657.
The situation is less rosy, however, in other areas, some of which have seen house prices continue to fall. Scotland, Wales, East Anglia and most of Southern England have seen prices decline since January.
There have also been falls in house prices in the West Midlands, Halifax said, possibly because of the damage inflicted on economic confidence by uncertainty over the future of Rover's Longbridge plant.
On average, house prices in the UK rose by 0.2 per cent in the first quarter of the year, according to Halifax, and have risen by 4.4 per cent over the last 12 months.
Over the longer term, Halifax said it was "cautiously optimistic", citing the current low interest rate environment and the "modest impact" of the Budget as factors that would support property prices going forward.
Other experts agreed with Halifax's assessment of the housing market, saying that prices were on the up, particularly in London, but there was as yet no danger of overheating.
Harry Hill, the managing director of Countrywide Assured, the estate agency group which yesterday reported record monthly trading figures, said: "The market is showing a lot more resilience, but it's against a very subdued background."
Yolande Barnes of the property consultant FPD Savills said: "In the mainstream market there is scope for prices to rise substantially."
In a separate survey, Nationwide building society found there had been a "marked pick-up" in house prices, and increased its forecast for 1999 house price inflation from 3 per cent to 4.5 per cent.
According to Nationwide, the Bank of England's recent aggressive interest rates cuts had substantially contributed to the improved housing market sentiment.
- 1 Israel-Gaza conflict: 'When Genocide is Permissible' article removed from The Times of Israel website
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Israel's propaganda machine is finally starting to misfire
Lost portraits of the Somme: 100 images of Tommies posing before they went over the top. Now can you help to identify them?
Israel-Gaza conflict: 'When Genocide is Permissible' article removed from The Times of Israel website
Mystery of the Siberian holes at the end of the world 'solved': Scientists offer explanation
Pope Francis issues top 10 tips for happiness
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...