The figures revealed the average property price has suppassed £178,000, which is a total increase of 8.30 per cent in the period between March 2006 and March 2007. Prices rose by 1 per cent between February and March, with the total being one of the highest annual increases in two years. The March 2005-2006 rise was almost half 2007’s figure, at 4.3 per cent.
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Brighton and Hove saw the highest annual price change with an increase of 14.7 per cent, while the lowest rise was in Nottinghamshire with an annual increase of 1.9 per cent.
London continued its growth with a year-on-year rise of 11.6 per cent, with the most expensive borough, Kensington and Chelsea, seeing prices rise by 19.6 per cent over the course of the year.
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The number of properties sold in London for more than £1 million increased by 26 per cent between January 2006 and January 2007, with a total of 298 properties sold.
Alex Hammond, PR manager at Kensington Mortgages, said: “There are so many factors that affect the market, and the overriding factor in Kensington and Chelsea, and the UK overall, is that there are a limited number of properties and demand outweighs supply. We live on an island and as more people want to buy and there is not enough stock, prices do go up.”
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