Why house prices rise!


An old news report from the housing ‘boom’ period! Oh and house building was at a higher level then than it is now!

The price of the average UK house has risen by 187% to £179,000 since February 1996.

Greater London saw the largest regional rise (240%) and Cornwall is the county where prices have risen fastest (274%).

“The South West has emerged as a highly sought after destination, led by Cornwall,” said Tim Crawford, an economist at the Halifax.

The Halifax says the reason for the long boom in property prices lies firmly with the economy.

The UK has had 10 years of steady economic growth, falling unemployment, low inflation and thus low interest rates.

http://news.bbc.co.uk/1/hi/business/6090972.stm

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