/24-7PressRelease/ - LONDON, UK, August 20, 2006 - The housing prices in the UK are soaring with the average house price reaching 199,184, new figures reveal. House prices in England and Wales went up by 23.76 per cent whereas Greater London saw a steep of 26.69 per cent, compared with the same period in the year 2005.
The housing prices in the UK are soaring with the average house price reaching 199,184, new figures reveal.
As per the Land Registry's latest residential property price report there is an yearly increase of 7.71 per cent in comparison to the 5.43 per cent housing price inflation in the year 2005.
House prices in England and Wales went up by 23.76 per cent whereas Greater London saw a steep of 26.69 per cent, compared with the same period in the year 2005.
Spokesperson for the Council of Mortgage Lenders, Christopher Dean commented on the new figures, that housing prices would continue to increase in the remaining year.
Mr Dean said, "Our forecasts predict a house price growth of seven per cent this year, three per cent next year and four per cent in 2008. So we are expecting a slowdown of sorts in house prices in the years to come but they are still rising."
Experts are of the opinion that the inflation in housing prices will further boost the market of secured loans and other equity release products.
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