According to http://www.wheresmyproperty.com, the average asking price for UK residential property rose by 0.4% to £206,382. This brings the rise over the last 6 months to 7.5%, and a rise of 12.1% for the year so far and 13% over the last 12 months.
In November 2006 the average asking price for a detached property was £282,942, a semi-detached £188,109, a bungalow £221,786, a terraced £155,449 and a flat £168,620.
The average asking price in London for November rose by 0.9% to £343,880 which brings the year so far to a huge 15.8%. The top five areas with the highest rises were Camden (+3.6%), Brent (+3.4%), Bexley (+3.3%), Hammersmith and Fulham (+3.2%), Kensington and Chelsea (+3.1%).
House prices are expected to continue to rise in 2007. Interest rates may have peaked at 5%, the labour market is stable, the economy is strong and there is a continuing demand for property. Affordability seems to be the main factor that could stem growth, but with the wide choice of mortgages such as interest only, part repayment/part interest and 30 year terms there is flexibility to suit different budgets.
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 visit http://www.wheresmyproperty.com.
