High earners enjoy rise in house prices

16 May 2005
Homeowners in the high-income bracket saw a modest rise in the value of their property in April, according to financial website Moneynet.

The site's users, who have an average main-earner income of £39,448, saw their overall average property value rise from £205,518 in March to £208,854 in April.

This figure marks a significant increase on April 2004, when the average property value stood at £196,590, according to Moneyfacts.

First-time buyers' property for earners in the higher brackets have also registered an increase, rising from an average value of £169,640 in April 2004 to £194,961 this year.

Buy to let properties have increased in average value from £157,849 to £172,034 year-on-year, whilst remortgaging has gone up from £223,377 to £251,919.

"April's modest rise in values is more encouraging than the most recent Halifax house price survey," commented Richard Brown, chief executive of Moneynet.

"Many of our users are in London and the south-east and other surveys also suggest that prices in the capital are recovering after several months of barely any movement."

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