Insurance News Archive

House prices rise significantly

House prices in the UK have risen at their fastest rate in years, according to a new report.

A study by online property firm Rightmove found that prices rose by 2.9 per cent in the four weeks to July 8th, the sharpest rate of increase since monitoring began in August 2001.

The rise works out at £6,137 per house, leaving the average property worth £217,580.

Led by rises in the south of the country, the impressive figures over the last month mean that house prices are now some 10.6 per cent higher than they were in July last year.

"The last month has seen the biggest rise in nearly five years, but it is skewed by the increases in the southern half of the country, particularly in the south-east, where prices rocketed by over £12,000," said Rightmove's commercial director Miles Shipside.

London and the south-east saw prices rise by 4.7 per cent in the four-week period, with the average property in London now fetching £324,216.

17 Jul 2006