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15% Rise For House Prices

Sep 15 2003

A new government index has reported that the average London house price rose by nearly 15 percent in the year to July.

The statistics showed the average price of a property in July was 156,273 pounds, up 14.6 percent from a year earlier.

The experimental new monthly index is based on the price of 25 000 properties sold each month and is compiled by the office of the deputy prime minister in the hope that it is more helpful than the current quarterly index. The index only deals with purchases made with mortgages and ignores cash transactions which make up 25% of property sales.

Source: Reuters

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