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North-west house prices up in April, says government

12/06/2007

House price inflation in the north-west almost topped eight per cent in April, official figures have revealed.

According to the Communities and Local Government department, regional house price growth reached 7.9 per cent in the 12 months to April.

Although this is a slight drop on the March's figure of 8.4 per cent, it is well above the 6.5 per cent recorded in April last year.

The latest rise brings the average house price in the region to £159,694, compared with £209,454 in the country as a whole.

Commenting on the figures, David Stubbs, senior economist at the Royal Institution of Chartered Surveyors, said: "These numbers confirm that the housing market was in rude health at the start of the second quarter.

"Tight supply conditions were driving prices skywards, but the hikes in interest rates since August have now started to slow the market somewhat."

The findings follow the latest FT House Price Index, which revealed that north-west house prices grew by an average of 7.3 per cent in the 12 months to May.



© Adfero Ltd

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