United Kingdom home prices move upwards

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United Kingdom home prices move upwards

The DCLG index showed the average home cost £206 890 in March up from £204 556 in February.
The figures mirror those of the Nationwide and Halifax which have both shown a buoyant housing market in 2007.

However the DCLG did point out that annual home price inflation slid back a little from 11.8% to 10.9%.

It explained that the reason for the slide in the annual figures was because strong price growth experienced between February and March 2006 fell out of the figures.

Experts suggest that United Kingdom house price inflation should begin to slow during the remainder of 2007.

"House prices have probably peaked but nevertheless remain pretty elevated " Howard Archer chief United Kingdom and European economist at Global Insight said.

"House prices will only gradually lose buoyancy over the coming months despite the likelihood that demand will be increasingly dampened by the rising affordability pressures stemming from higher interest rates modest real disposable income growth and elevated residence prices " Mr Archer added.

Ireland boom

Northern Ireland was the only part of the GB where the annual rate increased from an already high 48.5% to 50.1%.

A housing boom in Northern Ireland has now pushed average prices above those in England the DCLG said.

Average abode prices in March were £214 424 in England £161 191in Wales £151 468 in Scotland and £217 579 in Northern Ireland.

The boom in Northern Ireland is due to a combination of peace increased prosperity and speculators from the Republic of Ireland buying up property.

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