UK property prices continue to defy gloomy predictions of a pending collapse as a new report reveals prices have so far this year risen twice as fast as last year.
Latest figures by property website Rightmove suggests prices have already increased by 8% from January this year compared with just 3.8% during the first couple of months in 2003.
Annual house price inflation also rose sharply from 11.9% in March to 14.4% in April, taking residential property inflation to its highest level since May 2003, the Rightmove House Price Index says.
Average price tag for a property in the UK now stands at £184,582 - forcing potential buyers to cough up another £5,000 for the same house they viewed a month earlier.
Demographically, all regions are currently up with Yorkshire & Humberside and the West Midlands experiencing the biggest gains, rising with 5.8% and 5.3% respectively.
London and the South East also continue to rise by 1% and 1.9%, although at a much slower pace compared withother regions.
Rightmove believes the traditional seasonal build-up of activity in the spring and in the early summer - alongside the expectation of low borrowing rates and the lack of properties coming onto the market - are pushing prices higher.IFAonline
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