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North-west house prices up 6.6% in Q1

16/04/2007


Annual house price growth in the north-west during the first quarter (Q1) of 2007 was 6.6 per cent, a new survey has revealed.

According to the latest FT house price index, which was conducted by Acadametrics, the north-west outperformed all other regions in the north and the midlands. Only the southern regions saw faster rates of growth.

However, the survey suggests that house prices in London, the south-west and the east Midlands are on an upward trajectory, while the north, Wales and the West Midlands could go in the opposite direction.

Peter Williams, chairman of Acadametrics, said that the effects of past interest rate hikes are still "working their way through" and with the possibility of further rate increases, the market is likely to remain "moderately subdued".

"Consumer confidence remains low, albeit it has slightly improved," he added.

The survey revealed that annual house price growth in England and Wales rose by 8.1 per cent in March, bringing the average price of a home to £217,076.

According to a recent study by the Royal Institution of Chartered Surveyors, house price growth in the north-west "picked up sharply" in March.

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