Economic strength swells national price rise ripple

Citation

(2007), "Economic strength swells national price rise ripple", Structural Survey, Vol. 25 No. 1. https://doi.org/10.1108/ss.2007.11025aab.009

Economic strength swells national price rise ripple

Keywords: Housing, Economy

House prices rose for the 11th consecutive month at the fastest pace in four years says the RICS’s UK housing market survey published in October 2006. A total of 45.1 percent more Chartered Surveyors reported a rise than a fall in September, up from 34.9 percent in August, and more than double the long run average of 21 percent. RICS estate agents reported that price rises are being driven by a combination of would-be buyers returning to the market and the limited availability of property. Price increases were again led by London and the South East, boosted by a booming City economy, with rising investor confidence pushing the stock market to its highest level since May. Estate agents report that gazumping is taking place amid prices in the capital rising at the fastest pace since January 2000. Elsewhere, a ripple effect is taking place across the country with house prices in the North West and East Anglia picking up sharply, while Wales, Yorkshire and Humberside also recorded price rises.