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House prices continue to rise

House prices continue to rise

Category: Economy

Updated: 13/04/2010
First Published: 13/04/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Confidence in the property market continues to rise along with house prices, after it was revealed the number of sellers putting their homes on the market last month reached the highest level since May 2007.

For the third month in a row, the number of new sellers outstripped the number of enquiries from new buyers, according to the Royal Institution of Chartered Surveyors (RICS).

Political uncertainty is thought to be pushing prospective sellers to market their property before the impending General Election, while activity is expected to rise further over the coming months.

The research also revealed that house prices had continued to rise, albeit at a slower rate than in February.

London, the South East and Scotland saw house prices continue to rise at the fastest rate.

However, prices were found to be falling rather than rising in East Anglia, Yorkshire and Humberside, the North and the West Midlands.

A separate survey released last week suggested that house prices in England and Wales had now returned to levels last seen in August 2007, having increased for 11 consecutive months.

According to Acadametrics, the average house price in March stood at £227,788, up 13.4% compared with the same month a year earlier.

"With the General Election approaching and uncertainty growing over the political direction of the country, many vendors who were previously inclined to sit on the sidelines now appear eager to put their properties on the market," said RICS spokesperson, Ian Perry.

"For the time being, many of the key housing market indicators are still positive or stable."

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