RICS reports property price rises |
The Royal Institution of Chartered Surveyors (RICS) has today announced that house prices in July rose at their fastest pace since 2004. It also stated that all regions were experiencing rises - the first time for 2 years.
Demand is strengthening and new instructions falling indicating continued rises in the near future, while the recent base rate rise is not expected to affect enthusiasm.
Stock levels of propery for sale are falling, as the government u-turn on HIPS has removed the rush to sell before the packs were due to come in to force.
RICS spokesman, Jeremy Leaf, said: "The increase in interest rates will do little to dampen the market as a strong economic outlook and improving employment prospects will hold up the confidence of households."
So if you are planning on moving up the property ladder soon, you may want to think about getting started before prices move too far higher.
September 30th, 2006 at 7:41 pm
Can you advisde me of the approximate TOTAL rise in house prices in the Burnley -Padiham area of Lancashire please? Can you express this either as a TOTAL %age rise over the 3 years, or as average prices in 2003 and now, please?
There is so much hype we are getting confused as to the REAL rate of increase there has been? If this info is too hard to provide, could you instead say whether or not, in your opinion, house prices here have EXCEEDED 15% PA for the last 3 consecutive years?
Thank you so much,
Keith Mackie
October 2nd, 2006 at 12:28 pm
For 2003 around 15%, 2004 ~12%, and 2005 ~4% I would say, and this year we’ve had around 6% increase to date.
This leads to an increase of around 42% since Jan 03 (1.15 x 1.12 x 1.04 x 1.06 = 1.42).
So, annual increases were only as high as 15% in 2003.