House Price Rise Continues

House prices continue to rise more than many expected in the wake of interest rate increases.

ALSZpRMCfL7SwTRkt7coA5.jpg
House Price Rise Continues
Country Life's avatar
By
published
in Features

Wednesday, March 3 2004 The latest house price survey from the Halifax has confirmed that house prices in the UK continue to rise, despite worries that interest rate rises would affect the growth. House prices increased by 1.6% in February, the Halifax found, bringing annual house price inflation to 17.8%. However, the rate of growth has slowed somewhat from the Halifax figure in January, which was 2.3%. The research also shows that, just two weeks or so from the Budget, the Government's failure to increase tax thresholds in line with house price growth means that there has been a significant increase in the number of properties potentially subject to inheritance tax. General Manager of Group Economics at Halifax Shane O'Riordain, said: 'House prices continued to rise in February with a 1.6% rise during the month. The ongoing strength of the housing market is underpinned by the favourable combination of a strong labour market, historically low interest rates and low mortgage payments in relation to earnings.'

Country Life
Country Life

Country Life is unlike any other magazine: the only glossy weekly on the newsstand and the only magazine that has been guest-edited by HRH The King not once, but twice. It is a celebration of modern rural life and all its diverse joys and pleasures — that was first published in Queen Victoria's Diamond Jubilee year. Our eclectic mixture of witty and informative content — from the most up-to-date property news and commentary and a coveted glimpse inside some of the UK's best houses and gardens, to gardening, the arts and interior design, written by experts in their field — still cannot be found in print or online, anywhere else.

Latest