Property prices in north-west rise 10.7% in 6 months

Property prices in north-west rise 10.7% in 6 months

Asking prices for houses in the north-west have increased by 10.7% since the beginning of the year.

Summary:

  • Property values in the north-west climbed 1.7% from May to June
  • This is a rise of 10.7% from the start of 2013
  • Typical property prices in the region are now £168,013

Asking prices for properties in the UK have risen over the last few months, according to Rightmove’s June House Price Index.

One area that has seen a particularly climb in house values is the north-west where properties have risen in price by 10.7% over the six months leading to June 2013.

Prices in the region rose by 1.7% from May and 0.9% from June 2012, taking the typical asking price in the north-west to £168,013.

Last month’s House Price Index revealed the average asking price of homes in the district in May was £165,165, rising by 1.7% from the month before.

Other regions that experienced a steep rise included the south-east, the south-west and the West Midlands. In the south-east, asking prices increased by 14.8% during the six-month period.

Miles Shipside, Director and Housing Market Analyst at Rightmove, said: “We have seen a strong northern rebound in the first half of this year, virtually keeping pace with the southern regions in spite of the strong London market and price lift-off in the south-east.”

Rightmove revealed the change in values took the typical asking price of a house in the UK to £252,798 in June, a rise of 1.2% from May when it was £249,841.

Research showed detached houses are £373,926 on average, semi-detached properties are £206,670 and terraced homes are £192,638.

It reported a rise in consumer confidence, increasing competition among lenders and a rise in search activity on Rightmove as the main reasons why asking prices have risen lately.

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