According to http://www.WheresMyProperty.com, the average asking price for UK residential property rose by 1% to £197,540. This brings the rise over the last 6 months to 4.9%, and a rise of 7.3% for the year so far and 8.4% over the last 12 months.
In October 2006 the average asking price for a detached property was £270,288, a semi-detached £180,288, a bungalow £212,542, a terraced £148,795 and a flat £160,941.
The average asking price in London rose by 1.9% to £324,513. The top five areas with the highest rises were Tower Hamlets (+3.9%), Ealing (+3.3%), Hackney (+3.2%), City of Westminster (+3.2%), Hammersmith and Fulham (+2.8%).
As expected houses prices remain firm. The Bank of England may raise interest rates to 5% in November to curb housing demand. However with city bonuses due soon and the arrival of migrants from new EU states demand for housing will continue. House prices are therefore expected to continue to rise into 2007 albeit at a slower rate than in previous years.
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.
