LONDON: There are evident signs of recovery in house prices, according to the Office of the Deputy Prime Minister (ODPM). Data compiled by it indicates that house prices have shown an increase of 0.6 per cent in November 2005, after a 0.5 per cent decrease in October.
The ODPM data, released Tuesday, shows that house prices were 2.5 per cent higher in November than they were 12 months previously, with the average house price rising to 186,431 pounds.
Property prices in Northern Ireland saw the highest rise -- to 17 per cent from 10.7 per cent in October, while Welsh property prices went down to 6.5 per cent from 8.8 per cent. In Scotland, the rate fell from 9.3 per cent to 8.9 per cent.
Within England, the highest price growth was recorded in Yorkshire and the Humber (6.2 per cent), while it was 6.1 per cent in the north-west and 4.8 per cent in the north-east.
The survey found that the prices in London rose 2.2 per cent, against a 0.5 per cent fall in October.
The house price inflation rate for first time buyers fell from 4.7 per cent in October to 4.3 per cent in November.
A study carried out by property website Rightmove revealed that the average asking price for a British home rose 0.1 per cent from early December to early January.
These and other recent findings clearly indicate that housing market in very much on a recovery course.
The ODPM figures are based on completed property transactions.
Posted
on : Tue, 17 Jan 2006 20:30 GMT | General News
By : Paula Jenkins
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