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Hometrack: Highest rise in house prices in 2 years

Monday, 26 February 2007 12:00 AM

February has seen the highest monthly rise in house prices since May 2004, a leading property website reveals.

Hometrack's monthly housing market survey finds house prices have gone up 0.7 per cent in February, seeing annual house price inflation up to 6.4 per cent.

Over February 14 per cent more properties have been registered with agents, with the number of house hunters up 23 per cent.

This saw house prices rise across 42 per cent of the country, two thirds of which were in southern England.

The property site says the rise was due to demand outstripping supply, a trend it predicts will push up house price growth even higher as there is "no immediate end in sight".

"Despite the January rate rise it seems that a lack of supply is continuing to support higher prices, primarily in London and the south-east," said Richard Donnell, Hometrack director of research.

"Below average levels of property transactions - as a proportion of overall housing stock - are also acting as a support to prices. As a result we are seeing property transactions, and pricing being set by those who can afford to move - that is to say existing owner occupiers, buy-to-let investors and the growing number of 'assisted' first time buyers."

Mr Donnell concluded: "In the absence of any external shock to demand and the apparent willingness by purchasers to pay what is necessary to access the market, then house prices look set to increase further over the coming months."

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