House prices increase, survey shows

House prices in the UK have risen by 2.6 per cent, according to new figures.

Data from Rightmove revealed that sellers at least were ignoring pre-election jitters as they pushed for higher returns on their property, with almost £6,000 being added to the cost of the average British home during March.

However, the firm's commercial director Miles Shipside warned that should price rises continue, gains will be lost in the long term as more buyers struggle to afford a new home.

London was not immune to the increase in house prices.

Kingston-upon-Thames saw a rise of almost twice that of the national average and Kensington and Chelsea prices also rose by 3.2 per cent over the last month.

Although prices dropped in the borough of Hounslow, potential buyers are still being asked to pay more than £480,000 on average for a home in the area.

Furthermore, recent figures from other organisations suggested that London and the south-east continued to be strong performer in the market, meaning potential first-time buyers were being asked to pay more.

News of another increase in house prices and continued difficulties in obtaining a mortgage could attract more people to look for property to rent in the London borough of Broxbourne, or elsewhere in the UK.

By Chris Price

Published 19th April, 2010

© 2010 Estates IT Limited