House price inflation 'close to two year high'

30-May-2007

Houses price inflation saw the average cost of a home reach £179,935 during April, the Land Registry has said.

The government agency's monthly index found that prices rose by 0.6 per cent from March, with annual price inflation standing at 9.1 per cent - more than double the annual price change exhibited in April 2006 (4.1 per cent).

Prices in Yorkshire and Humber, the north west, north east and south west all fell over the course of April, but overall increases were once more propped up by strong monthly growth in London. Prices rose 2.3 per cent in the capital during April, with the average price now £333,785.
The study also advised that sales of expensive properties were showing strong year-on-year increases.

"The number of properties sold in England and Wales for over £1 million increased 48 per cent between February 2006 and February 2007," the report noted.

Academics have reported that high house prices are turning some young couples into the equivalent of "bonded labourers", heavily indebted via mortgages and thus obliged to work long hours in order to meet payments.

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