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House prices rise 0.4% in November, says Hometrack

House prices have risen by 0.4% over the past month, Hometrack&#39s November survey of the housing market reports.

Highest house price rises occurred in Cumbria at 1.5%, north London at 1.1%, Hereford and Worcester at 0.9%, and Mid Wales at 0.9%. While the report show s that no county experienced price falls, the Isle of Wight and Wiltshire both reported flat prices.

Cities with the highest price rises were Lancaster at 2.0%, Carlisle at 1.9% and Cardiff at 1.5%. Only two cities revealed house price falls including Southampton at -0.4% and Swindon at -0.9%.

The report also reveals that the average house price stands at £146,500, compared to last month&#39s £145,900, while the number of sales agreed rose 3.3% over the month.

Sales price achieved as a percentage of asking price rose for the fifth month in a row to 95.2% from a low of 94.3% in the June survey.

John Wriglesworth, housing economist at Hometrack, says: “The housing market is proving to be robust, despite recent rises in interest rates and with Christmas approaching. While activity can be expected to reduce over the next two months due to seasonal factors, we expect house prices to remain stable across all areas of the country.

“Competitive mortgage rates with many special deals for first-time buyers, high employment and income levels and an acute short supply of housing in the UK all points to continuing rises in house prices next year. We predict a 4% increase in prices for 2004. There&#39s more chance of finding Elvis on the moon than there is of a house price crash next year.”


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