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Asking prices rise in the north-west, says study

18/05/2007

Asking prices for homes in the north-west rose by 1.9 per cent between last November and April, bringing the average price in the region to £189,357, a new study has revealed.

Although the increase is lower than the England and Wales average of 2.5 per cent, it is higher than the rises seen in neighbouring regions Yorkshire and Humber and the north-east.

However, Home.co.uk, which carried out the research, believes that an excess of competitively-priced houses has led to a weak month in terms of asking prices across England and Wales.

It also believes that sellers' confidence is ebbing, while the property market is suffering from the impact of rising interest rates.

Commenting on the prospect of another rate hike, Doug Shephard, business development director at the property website, said: "The recent drop in the consumer prices index […] has taken the pressure off monetary policy committee (MPC) members to vote for another rise in interest rates.

"The MPC seems to have pulled off a fine balancing act between curbing inflation and stopping the housing market in its tracks."

Last week, the Financial Times' house price index showed that average house prices in the north-west increased by 7.1 per cent over the past 12 months.

© Adfero Ltd

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