House prices rise in March |
The Halifax has released data showing that house prices rose, on average, by 1% in March. Overall prices have risen by 2.8% in quarter one of 2007. March’s figure brings the annual rate of house price growth to 11.1%.
Halifax said that firm economic fundamentals and a shortage of both new and used properties had led to the continuing house price growth. Also, official household projections have found that the shortfall in new homes is more acute than previously thought. Nevertheless, the Halifax expects that the three recent quarter point rises in the base rate will lead to slower house price growth in the coming months.
In terms of breaking price barriers, Northern Ireland broke the £200,000 barrier this quarter, with the average price rising to £206,495. Northern Ireland has had a remarkable two years of house price growth. Two years ago, only Scotland had a lower average and now only London, the south east, and the south west have higher averages. Prices have risen 76% in the two years – far higher than the UK average of 18%. The North-West has broken through the £150,000 average barrier, rising to £151,341. Now only Scotland, Yorkshire & Humber and the North have an average below £150,000.
