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Price Increases For UK Property Market - Letting's News Aug 07

The recent rate rises have not dampened the housing market, say the Royal Institute of Chartered Surveyors (RICS). Their latest survey of member estate agents shows that property prices rose yet again in March - making a grand total of seventeen months of price increases in a row.

First time buyer enquiries did fall again however, but this trend appears to gradually be slowing, Generally, the RICS stated that the UK housing market was in "rude health".

Further rate rises could knock confidence, However house prices are unlikely to fall in the short term while the economic outlook remains robust. The aim of the rate rises had been to prevent widespread inflation in the UK economy, not specifically the housing sector, but many people expected the property inflation to ease off swiftly as a result.

This has not occurred though, according to reports such as that from the Halifax who say that house price inflation was at 11 per cent in March alone. The number of new mortgages approved has also apparently remained stable.

The fastest rising house price in the UK can be found in Antrim in Northern Ireland and of course, London.