RLA : RPI : Record increases in house prices

News from the Residential Property Investor, the bi-monthly magazine for RLA members

other artilces from the June / July 2000 issue

Record increases in house prices - June / July 2000

Close to 200,000 properties changed hands in the first three months of the year at an average price of just over £99,000 (excluding sales of under £10,000 and over £1m).

The figures come from HM Land Registry which put the year on year price increase at 16.9 per cent, the highest since it began collecting property price data in 1995.

All type of property of all ages were in demand, old flats and maisonette showing the highest price increases - 23 per cent, bringing the average price to £96,450.

Greater London was the area to show most significant price rises. A rise of 23 per cent brought the average price of a home to £163,000. Areas of least growth were the North and North West. Here average prices climbed to £59,343 and £63,824 respectively representing increases over the first quarter of 1999 of 5.5 per cent and 8.3 per cent.

In Lancashire alone average prices were £108,000 for detached property, £59,000 for semi-detached, £37,800 for terraced houses, and £44,400 for flats and maisonettes giving an across the board average of £61,000.

A central Manchester one bedroomed apartment commanding rental income of £800 a month would now cost £140,000 to buy, an increase of up to £30,000 since the beginning of last year, reported Chestertons recently.

other artilces from the June / July 2000 issue