Property prices within the UK increase
During June 2007, UK’s house price inflation was 12.1
per cent which estimated to be the highest figures since
The Department of Communities and Local Government stated that
the mix-adjusted average property price in UK 2007 averaged at £214,222,
this an increase from £210,793 in May 2007.
The annual UK house price inflation rate for 12 weeks to June
estimated 11.3 per cent and 15.1 per cent around London area.
House prices between May and June are known to increase as average
prices for flats were (2.4 per cent), bungalows and detached
properties (2.3 per cent), terraced property (1.0 per cent),
semi-detached dwellings (1.1 per cent).
Chief economist at Halifax Martin Ellis stated: "We expect the
downward trend in house price growth to continue as the five
interest rate rises since last summer have an increasing impact
on household spending and housing demand. Sound economic fundamentals,
high levels of employment and a shortage in the number of properties
available for sale, particularly in London and the South East,
will, however, continue to support house prices."
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