House prices booming (still)

[King Cnvt]

http://news.bbc.co.uk/1/hi/business/6740383.stm

UK house prices rose 1.2% in April, the Department for Communities and Local Government (DCLG) survey says.

The DCLG index showed the average home cost nearly £210,000 in April.

As in previous months, Northern Ireland and London saw strong gains, with both areas seeing price rises above the national average.

The DCLG figures go against recent Halifax and Nationwide surveys which have both shown UK house price growth slowing a touch.

Over the past year, house prices in Northern Ireland have risen by 54%, the DCLG said.

London continued to drive growth in England, with house prices in the capital up 14% over the past year.

The average price of a home in the capital is now £320,000.

Elsewhere, Scotland has seen house price growth of nearly 18% over the past year, while Wales 9%.


I bet the BTL are creaming in their pants at this news, and the BOE did not raise interest rates either.

[Numptycorner]

Bu Howard Archer, chief UK and European economist at Global Insight, pointed out that the DCLG figures have a built in time-lag as they are based on mortgage completions.

He added that more up-to-date surveys indicated that house prices are now beginning to lose momentum, following four interest rises since last summer.

"It does appear overall that the housing market is starting to come off the boil as demand is increasingly pressurised by the rising affordability pressures stemming from higher interest rates, modest real disposable income growth and elevated house prices," Mr Archer said.

Nice selective trolling though!

[King Cnvt]

Thanks!

[andy]

are we boomed or doomed
its hard to tell these day

[Numptycorner]

Buy up all the cardboard boxes you can find, this time next year we'll be millionaires

[Hart-floot]

are we boomed or doomed
its hard to tell these day

pendulum just starting to swing from boomed to doomed except London all the Hedge Funders and "Non-Dom resi's" paying less tax than their cleaners still have money to burn

[bobhope]

Isn't this Prescott's department? Say no more