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House prices rising at fastest rate since 2007

28th May 2013

 

House prices in England and Wales are growing at their fastest rate in six years, research suggested today.

The increase for May was estimated at 0.4pc by the property information firm Hometrack, the fastest monthly increase since May 2007, shortly before the emergence of the credit crisis and the property market crash.

May's rise was driven by a buoyant market in the South East, where values rose by 0.5pc. But prices in the capital sped ahead even faster, rising by 0.9pc in May.

Hometrack blamed a scarcity of homes in the South, particularly in London, where demand had grown by 15pc in the past six months while supply has fallen by 0.6pc. With the figures for London and the South East stripped out, the monthly rise for the rest of England and Wales was just 0.1pc.

A Hometrack statement said: "While the growth in buyer numbers is following a similar pattern to recent years, it is a lack of housing for sale that is acting as the primary driver of price rises.

 

source:  Telegraph 28th May 2013