Housing market keeps booming

15 March 2004
House prices leapt 2.9 per cent last month as optimistic buyers returned to the market.

The property website Rightmove.com said the increase was the second highest monthly rise since the "boom days" of mid-2002.

And annual house price inflation showed no sign of abating as prices rose for the third consecutive month, rising 11.9 per cent year-on-year.

The average home in England and Wales now costs a whopping £179,570, £5,000 higher than a month ago and five per cent above the average price at the beginning of the year.

In London, the average house stands at £275,459, up from £270,019.

Miles Shipside, commercial director of Rightmove, said: "Prices are storming ahead on the back of renewed interest from buyers.

"The market now seems to be back in full steam, with prices responding to the scarcity of homes on the market by rising strongly."