News & Features
03/06/2004
UK house prices continue to rise
In May, house prices rose on average by 0.6% taking the increase for the year to 3.2%.
Prices rose across the UK, however the biggest increase was seen in Cumbria at 1.5%. In the south, the best performer was Cornwall at 1%.
The average home in the UK now costs nearly £152,000 with the average in the London area now topping £250,000!
The general view is that prices are rising at a reducing rate but a crash appears to be unlikely due to the current economic climate.
The recent interest rate rise appears to have had little effect on the property market and many experts are expecting the Bank of England officials to make a further rise from the current rate of 4.25%.