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House prices up in April, figures show
31/05/2007
Annual house price inflation in Greater Manchester grew to 7.9 per cent in April, official figures have revealed.
According to the Land Registry, average house prices in the conurbation grew by just less than one per cent over the month to £128,814.
In the north-west, although annual house price growth rose to 9.1 per cent, prices actually fell over the month by 0.5 per cent to £135,062.
David Stubbs, senior economist at the Royal Institution of Chartered Surveyors, said: "The acceleration in price growth reflects the strength of the market in previous months but does not signal further strength in the future.
"Demand will pull back in the face of higher mortgage interest rates and terrible affordability problems amongst first time buyers."
Across England and Wales as a whole, house prices were up by 0.6 and 9.1 per cent over the month and the year respectively, according to the figures, bringing the average national house price to £179,935.
© Adfero Ltd
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