Rightmove Index shows house prices up in March

| March 19, 2007 | 0 Comments

Rightmove Index shows house prices up in March

It the latest edition of its House Price Index, property comparison service Rightmove (LSE: RMV) says that the average price of a house in the UK is up by 1.5 percent in March, to £228,183. That is an average increase of £3,381. The March increase brings the annual inflation of house prices to 12.2 percent. House price inflation was at 11.5 percent in February.

The increases in the price of a house has been blamed on the low number of houses available for sale amid continuing demand despite recent interest rate hikes. However, the supply of houses on the market is expected to grow in April and May as those attempting to sell their homes try to avoid the new Home Information Pack requirement, which goes into effect on 1 June and requires that certain information be present and less than 3 months old when the house is put on the market. It is estimated that the cost of putting the pack together will cost the seller around £500.

The Rightmove Index, which covers house prices in England and Wales, showed that prices decreased from February only in Wales, where prices were 0.3 percent lower than in February, but still 5.4 percent higher from the same period of time last year. The biggest hike in prices between February and March came in the North of England, where prices rose by 2.6 percent to an average of £155,411. South East England, where the average price was up by 2.1 percent to £285,981, saw the second highest increase, while the third biggest leap came in the West Midlands, where the average gained 2 percent, to £193,080.

The largest hike in average house prices from last year in March was in Greater London, where the average price of a house in March 2006 was £300,719. In March of this year, the average price of a house rose to £366,302, a gain of 21.8 percent over last year.

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