13 Nov 07 - Price Growth Buoys Housing Market
New Government figures show that house prices edged ahead
by 0.3% during September. According to the Department of
Communities and Local Government, the rise means that the
average cost of a home in the UK is now £220,111.
And the data reveals that there were variations in price
growth between different types of properties.
There was a 1.2% increase in the average price paid for
flats, while the price of bungalows rose by 0.3% during
the period. But the average cost of a detached house remained
broadly unchanged, increasing by just 0.1% over the course
of the month.
Regionally, Northern Ireland continued to have the strongest
rate of annual growth at 42.7%, while the North East and
South East saw increases of 7.5% and 11.5% respectively.
The report also shows that first-time buyers are paying
around 11.8% more to get on to the property ladder than
they were in September last year, at an average of £167,503,
while homeowners who are trading up the ladder are paying
around £245,920, or 10.5%, more than they were 12 months
ago.
Source: Department
of Communities and Local Government
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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