Average property price up £2,000 in a week
19 January 2004
The price of an average home in England or Wales rose by £2,000 in a week over the New Year, a new survey claims.
The 1.2 per cent increase saw the cost of an average property rise from £169,000 to £171,000.
The research by property website Rightmove estimates that the New Year rise virtually wiped out any seasonal downturn in the market during December. Rightmove also revealed that the decline in house prices during December was the smallest recorded for the month in the last three years.
The website predicted that house prices would increase by more than ten per cent during 2004 and added: "This New Year pick-up may set the tone for 2004."
Most areas of England and Wales experienced price growth during the five weeks to January 10th, with Wales and the North of England seeing price jumps of 5.6 per cent and four per cent respectively. Only the West Midlands and East Anglia saw prices drop during the period, while prices in London and the South East were almost stagnant.
According to Rightmove annual house price inflation rose slightly in December to 9.9 per cent.