House prices on the up
HOUSE prices surged ahead by 3.2% during the past month as the market enjoyed an exaggerated seasonal bounce, figures showed today.
The average cost of a home in England and Wales rose by more than £7,400 during the four weeks to February 9, to stand at £237,856, according to property website Rightmove. But the group cautioned against reading too much into the survey, saying while there were signs of renewed optimism among sellers, the figure was likely to have been distorted by the final roll-out of the Government’s controversial Home Information Packs.
At the same time the surge may simply be correcting a 3.2% slide in prices seen during December.
Miles Shipside, commercial director of Rightmove, said: “It’s not the start of another price boom, but the interest rate cuts have no doubt given some sellers headier hopes.”
