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House prices jump in May

Mon, 15 May 2006
UK house prices rose by two per cent in the four weeks to May 6th signalling a revival in the property market, according to a new survey .

The online estate agent, which monitors the asking prices of around 70 per cent of the properties on the UK market, now expects the average house price in the UK to rise eight per cent this year more than double what economists were predicting at the start of the year.

"The housing market is set to defy the downward pressure from increasingly stretched affordability with double the rise that was forecast by the industry just 5 months ago," said Rightmove commercial director Miles Shipside.

Rightmove said the average asking price for a residential property in the county is now 209,829 pounds, which constitutes a gain of 1.1 per cent over the website's March-April survey.

And they need to rise by just another £2,200 by the end of the year to finish 2006 eight per cent higher than they were at the end of 2005.

"Demand is a lot more buoyant overall than at this time last year, so a rise of up to ten per cent in the faster moving regions, such as parts of London and the south, could be on the cards this year," Mr Shipside said.

"It can’t keep rising like this but will flatten out rather than fall back substantially, as there are few 'distress sales' from vendors who are forced to sell at any price."

The south-west led the way for house price growth over the last 12 months, with a rise of 9.4 per cent, followed by Greater London at 8.7 per cent.

East Anglia was the only region where house price fell, with a decrease of 0.2 per cent, while Wales has seen the smallest increases over the last 12 months of only 1.2 per cent.

Over the last year, house prices increased by more than five per cent in the south-west (9.4 per cent), Greater London (8.7 per cent), the south-east (7.2 per cent), and East Anglia (5.4 per cent).
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