Sharp market increase nationwide

13th August 2013

British house prices are rising at their fastest pace in 7 years, according to The Royal Institution of Chartered Surveyors, and not just in hot-spots like London and the south-east but in all regions including less wealthy areas where housing markets had been most depressed. New buyer enquiries have also risen for a sixth consecutive month in another sign that market confidence is returning.

This coincides with last week’s report from mortgage lenders Halifax suggesting a 4.6% price jump during the 2nd quarter of 2013, that was likely to rise further in the coming months.

Guernsey, where the housing market has remained steady during the recession, typically follows Britain’s lead which often reflects earlier events in America, where the housing market is currently reported to be ‘on fire’. According to the latest report, the American national index rose 12% from April 2012 to April 2013, the biggest year-over-year increase since 2006.

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