Through the Roof

Evening Gazette (Middlesbrough, England), October 20, 2003 | Go to article overview

Through the Roof


Byline: Graeme Evans

House price inflation is back on an upward path because of dwindling stocks of properties and a strong surge in buyer interest, research showed today.

And the North is top of the pops when it comes to property hotspots, with the annual hike in house prices coming in at more than 24pc.

Property web site Rightmove.co.uk said asking prices lifted 3.3pc in October.

This is the largest rise in 18 months as more properties came off the market than onto it.

The monthly growth pushed the annual rate of price inflation to 9.8pc from 9.1pc, the first time the figure has risen in ten months.

The geographical spread when it comes to house price inflation was 7pc in the South East, 11.9pc in the South West, 13.4pc in East Anglia, 24.4pc in the North, 21.8pc in Wales, 21.7pc in the West Midlands and 21.6pc in the North-west.

Miles Shipside, commercial director of Rightmove, said: "There's been a clear upsurge in activity, with many first time buyers and investors back looking for properties, particularly at the cheaper end of the market.

"People who had been waiting in the expectation of a significant downward price correction have realised it's not going to happen. …

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