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Residential Market Reaches New Peak

LONDON-British house prices went up nearly 3% in September, the highest monthly increase since June 1993. New research by building society Nationwide puts prices 15% higher last month than in September 2000.

By Charlie Jacoby | Updated on October 02, 2001

LONDON-UK house prices soared 2.8% in September, the highest monthly increase since June 1993. The country’s biggest building society Nationwide reports that the price of the average UK home was, at £92,432, ($136,800), 15% higher last month than in September 2000. In addition, Separate figures released by the Bank of England showed mortgage lending hit a record £5.05 billion (7.47 billion) in August.

Nationwide researchers are not calling what impact the terrorist attacks on the USA will have on the UK residential property market. Nationwide’s group economist Alex Bannister expects some impact but predicts it will be mitigated by falling interest rates. He left his forecast for house price growth for 2001 unchanged at 11%.

Residential property broker Chesterton expects prices to moderate as the market slows. ‘Some Chesterton offices have reported purchasers exercising more caution’ said Peter Chapman, Managing Director of Chesterton Residential, ‘but the limited stock available is expected to prevent a weakening of prices, particularly in central areas.

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