UK Money News
18th February 2008
House prices up 3.2% in January
UK property prices rose by 3.2 per cent during January, following four months of successive falls, a study from Rightmove reveals.
The latest figures bring the annual rate of house price inflation to 5.8 per cent, up from 3.4 per cent in January when a fall of 0.8 per cent had been recorded.
With the exception of the North East, increases were noted in every region Of England and Wales.
However, the most dramatic increases were in the East Midlands and the south-east, where prices rose by 5.8 per cent and 4.8 per cent respectively.
Miles Shipside, commercial director of Rightmove, said the rise, which meant that the average asking price climbed to £237,856, can be attributed in part to a shortage of properties being put up for sale.
According to Rightmove this meant that estate agents were competing for 132,000 properties – down from 144,000 in February 2007 and 155,000 in February 2006.
Mr Shipside commented: "Most sellers obviously want to achieve as much as possible for their property, and traditionally they choose to test a more ambitious price early in the year as they have plenty of time to adjust it down later."
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