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Housing market refusing to cool

The housing market shows no signs of cooling off, the latest research claims.

The Nationwide house price index for November records an average monthly house price rise of 1.4 per cent.

Despite concerns over affordability, there is still "significant momentum" in the market, Nationwide claims, with annual house price growth now up to 9.6 per cent, a rise of 1.6 per cent on last month.

Nationwide's group economist Fionnuala Earley commented: "This is the highest rate of annual house price growth since February 2005 and means that house prices are £15,046 higher than twelve months ago, the equivalent of a £41 rise per day."

"House prices jumped by 1.4 per cent in November as the housing market refused to cool," she added. "This brings the price of a typical house up to £172,185."

Responding to the figures, Milan Khatri, the Royal Institution of Chartered Surveyors' chief economist, predicted that the year will end with double digit house price growth, adding that higher interest rates have not damaged sentiment.

Nationwide's figures support data released earlier this week by the Land Registry, which showed monthly house price rises of 1.2 per cent, bringing the average price to £171,709.

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30/11/2006 11:38:50

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