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North-west house prices up in August

22/08/2007


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Northwest asking prices increased between July and August, according to new figures.

A study by online estate agent Rightmove shows that the northwest experienced the fastest rate of growth in England and Wales at two per cent, compared with 0.6 per cent across the rest of the country.

"The rise in interest rates over the past year has yet to have any significant impact on asking prices," Peter Newland, an economist at Lehman Brothers, told Reuters.

"For policymakers discussing potential downside risks to growth, the housing market is unlikely to become a major cause for concern."

Annual growth for the northwest is now seven per cent, bringing the average house price in the northwest to £184,051.

However, the Land Registry has said that the average house price in the region is more like £136,000, falling to £128,000 in Greater Manchester and £110,000 in the City of Manchester.

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