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North-west house prices up in May and June

17/07/2007


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Two new housing surveys have shown that house prices in the north-west rose in May and June, although at a slower rate than the rest of the country as a whole.

For May, new government figures indicate that annual house price inflation in the region rose to 7.9 per cent in May, three percentage points below the UK average of 10.9 per cent.

It is the sixth largest rate of growth in the English regions and brings the average house price in the north-west to £160,425, according to the Communities and Local Government department.

Meanwhile, year-on-year north-west house prices in June were up by an average of 7.5 per cent, compared with a rise of 8.8 per cent across England and Wales.

The latest FT House Price Index shows that this rise is the fifth largest annual house price growth in England and Wales.

Commenting on the latest findings, David Stubbs, senior economist at the Royal Institution of Chartered Surveyors, said: "The figures confirm that the UK housing market was still roaring ahead in the second quarter.

However, he predicted that the prospect of more interest rate hikes by the end of the year will dampen confidence and activity.



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