House prices up in November

07-Jan-2008

The housing market in England and Wales grew stronger in November, according to new figures released.

Research from the Land Registry showed a 0.6 per cent increase in house prices between October and November.

Annual growth stood at 8.1 per cent on average, the survey revealed.

In November, the average cost of a property was £186,009 following the increases.

As a result, Robert Bryant-Pearson, chief executive of Allied Surveyors, believes it is unlikely that there will be a house price crash in the near future, which will leave first time buyers searching for the best available mortgage deal so they can climb onto the first rung of the property ladder.

He added: "There is still a severe shortage of homes which means that house prices cannot plunge, only correct for certain types of property which has been a long time coming."

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