House prices continue to rise
By Rebecca SheppardHOUSE prices in East Anglia rose by 12.7% in 12 months – less than half the rate of growth experienced in other areas of the UK.The figures from the Land Registry showed the region lagged behind other parts of the country, with the value of properties in the North-West rising by 27% between the second quarter of 2003 and the same period of 2004.
By Rebecca Sheppard
HOUSE prices in East Anglia rose by 12.7% in 12 months - less than half the rate of growth experienced in other areas of the UK.
The figures from the Land Registry showed the region lagged behind other parts of the country, with the value of properties in the North-West rising by 27% between the second quarter of 2003 and the same period of 2004.
Meanwhile, statistics released by the Office of the Deputy Prime Minister revealed house price inflation in East Anglia was the lowest in England at 6.7%.
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Colin Girling, spokesman for the National Association of Estate Agents in Suffolk, said: "I think the market has quieted down in the last four to six weeks, definitely.
"Prices are pretty steady and those who have been over-optimistic in their expectations are having a rethink."
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He added: "With the interest rate rises, they are thinking 'Can we really afford what we did before and are prices fair, taking everything into account?'
"People have been over-optimistic in the price they are going to achieve, but in some areas with the shortage, they are achieving those top prices.
"The combination of the interest rate rises and the holidays have had an effect on the market."
Although the Land Registry figures showed the highest house price growth in the UK was 27% in the North-West, the lowest increase was in the South-East where the average cost of a home rose by 9.7%.
Overall, the average cost of property in England and Wales rose by 17% to £175,401 during the 12 months to the second quarter of 2004.
At the same time the number of house sales rose by 22% compared to the previous year, with 299,986 homes changing hands during the three months.
The Land Registry also said 997 properties were sold for more than £1 million during the second quarter of the year.
Its statistics tallied with figures released by the Office of the Deputy Prime Minister, which showed the average price of a UK property stood at £173,756 at the end of June after a rise of 1.8% on the previous month.