According to http://www.WheresMyProperty.com, the average asking price for UK residential property rose by 1.1% to £195,673. This brings the rise over the last 6 months to 5.4%, and a rise of 6.3% for the year so far and 6.4% over the last 12 months.
In August 2006 the average asking price for a detached property was £268,499, a semi-detached £179,076, a bungalow £211,542, a terraced £147,625 and a flat £159,282.
The average asking price in London rose by 1.1% to £318,327. The top five areas with the highest rises were Camden (+3.9%), Tower Hamlets (+3.3%), Ealing (+3.2%), Sutton (+2.9%), Brent (+2.7%).
Although the UK interest rates were raised to 4.75% from 4.5% in the early part of August this did not dampen the property market. Investment in buy-to-let property is still strong and effectively competes with first time buyers who are now often supported by friends and family to get on the property ladder. However, higher interest rates and higher utility bills are expected in the coming months which may ultimately rein in house prices.
WheresMyProperty provides up to date asking price analysis for the UK and has around 900,000 property listings from 1000s of property websites. For more information see their website at http://www.wheresmyproperty.com.
