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House prices up 8.4% in north-west

15/05/2007


House prices in the north-west went up by 8.4 per cent in the 12 months since March last year, compared with the national average of 10.9 per cent, official figures have shown.

According to the Communities and Local Government (CLG) department, the increase is the fifth largest growth in England's regions and brings the average house price in the north-west to £158,216 – far lower than the UK average of £206,890.

The CLG said that the growing cost of the average property can be attributed to price rises for semi-detached and terraced houses, as well as flats and bungalows.

Howard Archer, chief economist at the Global Insight consultancy, said: "An ongoing shortage of properties in many areas means that pricing power is currently still significantly in favour of the vendor.

"This seems likely to limit the slowdown in house prices over the coming months."

The latest figures from another official indicator, the Land Registry, show that house prices rose 8.8 per cent in the 12 months to March, dropping to 7.3 per cent in Greater Manchester.


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