19 Aug

UK house prices rising year on year

UK house prices rising year on year

The cost of buying houses in the UK continued to rise on an annual basis in the early part of August, a new report has stated, despite the fact house prices fell slightly compared to last month.

According to findings that were released by Rightmove, the first weeks of August saw a drop of 1.8 per cent in prices compared to July.

However, the average cost of buying in the UK is still a full 5.5 per cent higher than at the same time last year as more and more people find it easier to get a mortgage thanks to governmental help.

Overall, Rightmove reports that the first seven and a half months of 2013 have seen a total of 8.8 per cent rises in what people are paying for their homes when visiting estate agents.

"Demand is already on the up, and that's before the roll-out of phase two of the Help to Buy stimulus," said Rightmove director Miles Shipside. 

"It is now critical that the supply of property improves so that the goal of a significant increase in transaction numbers is not over-shadowed by an unsustainable boom in property prices."ADNFCR-1222-ID-801626746-ADNFCR

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