March house prices are on the up. House prices continue to increase in spite of higher interest rates as well as increased costs, so says Rightmove.
Rightmove's March report highlights that house prices are presently 12.2% higher than 12 months ago, having gone up 1.5% in February alone to £228,183.
The average asking price is now £24,784 more than 12 months ago.
The ongoing growth of house prices in light of higher interest rates as well as stretched affordability is being led by a scarcity of properties for sale, Rightmove, the online estate agent stated.
Supply shortages quickly offset the effect of interest rate increases.
Rising interest rates can be used to direct prices in the short term yet do little to address the cause of house price inflation.
They are not able to address the increasing demand for housing spurred by the needs of a growing population.
House prices went up in 90% of England and Wales' ten regions.
Monthly increases were quickest in the north where they went up 2.6%, followed by the south-east (2.1%), the West Midlands (1%), the south-west (1.9%) and London (1.8%).
The following regions also experienced strong monthly increases: East Anglia (1.4%), the East Midlands (1.3%), Yorkshire and Humberside (1.3%), and the north-west (1.3%).
Wales was the only region that bucked the trend, with prices falling 0.3 per cent over the month.
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House Prices Still Going Up
Mon, 19 Mar 2007
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