£40 A Day Rise In Property Prices
The Nationwide revealed today that house prices are rising at 10.2% a year, nearly 3 times faster than 12 months ago.
A typical property has gone up about £1,200 a month or £40 a day over the past year.
A home which would have cost less than £160,000 to buy in February last year would now cost £175,000.
The increase is due to the small number of properties coming on to the market, and the lack of supply will mean that house inflation will remain high for a while.
The Land Registry said that there are now 17 counties in England and Wales where the average house price is over £200,000. It also found that 15 homes a day are sold for £1,000,000 or more.
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Posted: March 1st, 2007 under uk.
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