House price increase unsurprising, says economist
A leading economist believes that a rise in house prices was to be expected and suggests the area in and around the capital will continue to increase in value.
Simon Rubinsohn, chief economist for the Royal Institution of Chartered Surveyors (RICS), responded to yesterday's house price figures from building society Nationwide.
Its figures showed that the average cost of buying a home rose by more £3,000 (0.7 per cent) throughout March.
Furthermore, the value of a typical property in the UK has risen by nine per cent from the same time last year.
Mr Rubinsohn said that this information may not come as a surprise given RICS' latest Housing Market Survey showed more price increases than declines and he expected stamp duty to "boost" demand which could mean prices "remain firm".
He added that regional figures suggest London and the south are "continuing to see the strongest price performance".
Such predictions of a continued house price growth in the capital and the south-east may deter people from buying a home and encourage them to look for property to rent in the London borough of Sutton, or elsewhere in the region, instead.
By Chris Price
Published 31st March, 2010
© 2010 Estates IT Limited
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People may wish to look for property to rent in the London borough of Sutton or elsewhere in the capital after a leading economist predicted a continuation of high house prices in the region