UK PROPERTY GROWTH AT 12.2%
The average home in the UK is now worth £228,183 following 12.2 per cent growth in the 12 months up to March 2007, a Rightmove survey has found
This was up 11.5 per cent from the annualised rate in February said the price index, while monthly growth stood at 1.5 per cent.
The solid growth, which comes despite three interest rate rises since August, is due to chronic supply shortages in the property market said Rightmove.
"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 of Rightmove.
"Crucially they cannot address the increasing demand for housing driven by the needs of a growing population."
High headline figures masked regional imbalances, with London property growing by 20 per cent overall and by up to 80 per cent at the top end of the market.
This compared to growth in single figures elsewhere in the country, with property prices in Wales and the north of England averaging around five per cent over the year.
© Houseladder Ltd
Nick Says...
Here we go.
Now 3 years ago , when we (Vanessa and myself) started investing in
property, all the ``Dream Stealers`` around us said we did`nt know what
we were doing. ``How can you buy so many houses/flats`` they said,
``You don`t know what your doing`` they added.
3 years later, bearing in mind we hold £3.5 million portfolio, we have
made an enormous amount of money-more so than I could ever dream about
without the aid of property. More-over most of those dream Stealers have now capitulted and bought investment properties themselves!! Hold onto your reserve, I say, and do it anyway, but first get the right education. Thats what we did and look what happened!
What is stated above just compounds the reason we started and will continue to fuel our resolve to carry on.
If you share the same attitude, why don`t you contact us at 4wallsandaceiling.com or e-mail me at nick.tadd@4wallsandaceiling.com to work out your way forward.
