Average house price rises to £197,631
Oct 16, 2006
House prices accelerated in August this year, new government figures reveal.
The figures from the Department for Communities and Local Government showed that house prices in August were 1.7 per cent higher than in July. The average house price in August was £197,631, which was £3,177 higher than in July, with house prices 7.7 per cent higher than they were in August 2005.
Rises in average prices for bungalows (5.1 per cent), detached houses (3.2 per cent), flats (1.6 per cent) and semi-detached houses (1.0 per cent) drove the increase in prices, the report said. Unsurprisingly, the highest house price acceleration for the past year was found in London and the south-west (7.9 per cent), followed by Yorkshire and Humber (7.3 per cent).
The chief economist at the Royal Institution of Chartered Surveyors said that it looked like the housing market would remain robust in the coming months. Although affordability for buyers would be stretched, with first-time buyer house prices still well ahead of average earnings, the economy was growing firmly and households were viewing their finances as strong, he said.
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