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United
Kingdom home prices move upwards
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United
Kingdom home prices move upwards
The
DCLG index showed the average home cost £206 890 in
March up from £204 556 in February.
The figures mirror those of the Nationwide and Halifax which
have both shown a buoyant housing market in 2007.
However the DCLG did point out that annual
home price inflation slid back a little from 11.8% to 10.9%.
It explained that the reason for the slide
in the annual figures was because strong price growth experienced
between February and March 2006 fell out of the figures.
Experts suggest that United Kingdom house
price inflation should begin to slow during the remainder
of 2007.
"House prices have probably peaked
but nevertheless remain pretty elevated " Howard Archer
chief United Kingdom and European economist at Global Insight
said.
"House prices will only gradually lose
buoyancy over the coming months despite the likelihood that
demand will be increasingly dampened by the rising affordability
pressures stemming from higher interest rates modest real
disposable income growth and elevated residence prices "
Mr Archer added.
Ireland boom
Northern Ireland was the only part of the
GB where the annual rate increased from an already high 48.5%
to 50.1%.
A housing boom in Northern Ireland has now
pushed average prices above those in England the DCLG said.
Average abode prices in March were £214
424 in England £161 191in Wales £151 468 in Scotland
and £217 579 in Northern Ireland.
The boom in Northern Ireland is due to a
combination of peace increased prosperity and speculators
from the Republic of Ireland buying up property.
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Website: www.sandshomesearch.com
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