House price growth highest for six years
HOUSE prices grew by 0.4 per cent in May, the highest increase in a single month since May 2007, according to Hometrack.
The highest rises were in London and the South East, where they grew at 0.9 per cent and 0.5 per cent respectively. Prices across the rest of the country averaged a 0.1 per cent rise, though they were static in Yorkshire, the North West, North East and Wales.
Hometrack says a lack of homes for sale is driving the rise, with the number of sales outstripping new properties coming onto the market. The percentage of asking price achieved stands at just under 94 per cent.
Hometrack’s Richard Donnell says: “Nationally the trend in prices is upwards with demand rising ahead of supply.”