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House Prices Show Biggest Rise for 5 Years
Latest figures from the Land Registry showed that house prices jumped up by 1.7% in July - the biggest increase for five years.
Annual prices are still down, but this latest monthly increase led to a further reduction in the annual rate at which house prices are falling, down to 11.7% from 13.8% in June.
Tony Rice, of Bedfordshire-based specialist mortgage brokers TMP Mortgage Zone, said: "Figures for mortgage approvals show that there is an increase here too, but the rise I think is mainly due to that fact that there still is a limited supply of houses coming on to the market. Many sellers want to 'ride out the storm' and therefore the lack of supply is increasing the competition for good quality houses."
[ 27-08-2009 ]
