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7 June 2007

Property Price Updates – London, Edinburgh and York

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by Kay Mitchell

Property Price Updates – London, Edinburgh and York

According to Haarts, property prices in London only experienced a 0.1% increase in May 2007, this brings the average cost of property up from £264,636 to £264,801. Interest rate rises, together with a flow in properties being put on the market ahead of the original Home Information Pack (Hip) launch date of 1st June are thought to be responsible for the stabilisation of the market.

Haarts remained positive about the capital’s housing market and believe that the market will improve and remain steady for the rest of 2007.

Turning to Scotland’s capital, estate agents Knight Frank, commented that Edinburgh’s property market is on the increase despite the rise in interest rates.

There is currently a lack of luxury residential property and the demand far outweighs supply. Knight Frank believe that the market will continue to grow throughout the remainder of 2007, with houses selling for an average of 20-25% more than the asking price.

Finally, statistics from PropertySnake.co.uk imply that property prices in the York area are down. Property in the city centre has fallen by nearly 13%.

Hunters Property Group commented that they have seen a decline in the last 10 months due to interest rates on the increase.


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