House prices still on the rise
Estate Agents - 14/09/2006 10:54:18
Estate agents are still profiting after a report has shown that August's hike in interest rates did little to deter buyers.
House prices rose at their fastest pace in more than two years during last month, a survey by the Royal Institute of Chartered Surveyors (RICS) has shown.
The report revealed that 35 per cent more of its members reported a rise in prices instead of a fall. This was 5 per cent more than in July. According to the survey, house prices also increased for the fifth month in a row at the quickest rate since May 2004.
The sudden interest rate rise of 4.75 per cent did nothing to put buyers off across the country and the property boom continued in London, Scotland, the North West, Yorkshire, Humberside and Wales.
Prices remained stable in the West and the east Midlands, perhaps due to the struggling manufacturing industries in those regions.
The amount of property on the market also increased by 0.1 per cent but this figure is still the lowest it has been for two years.
The RICS said the house price acceleration was unlikely to continue as economists are already predicting a further hike to interest rates in November.
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