House price inflation 'remains robust'

19-Mar-2007

New data has revealed that house price growth is continuing despite the recent interest rate increases, which may be of interest to would-be first time buyers concerned over the rising cost of property.

According to data released by Rightmove, in March house prices across England and Wales grew at an annualised rate of 12.2 per cent - which may affect prospective first time buyers - as a result of a housing supply shortage, reports Reuters.

"As we have seen recently, raising interest rates can be used to influence the direction of prices in the short term but do very little to address the underlying cause of house price inflation," said Miles Shipside, commercial director at Rightmove.

Indeed, house price inflation grew at an annualised rate of 11.5 per cent last month.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

Rightmove is a property website, with over 80 per cent of the UK's estate agents as members.

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