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…but boom continues in the North

The boom in house prices is continuing to move North, says the Royal Institute of Chartered Surveyors in its quarterly analysis of the residential property market.

Its figures show house prices in England and Wales are increasing at 20 per cent a year, double the long-term annual average of 10 per cent. The RICS predicts this rise will continue until the end of the year.

The report shows that, in the North, 81 per cent more chartered surveyors report a rise in prices rather than a fall. Nationally, the figure is 54 per cent compared with 14 per cent in London.

The RICS says the average number of properties available for sale continues to remain low with an average of 63 properties per estate agent. Although an improvement on the June figure of 56 – the lowest average for 23 years – its says the shortage remains a critical factor in price rises.

The RICS says 14 per cent of chartered surveyors expect house price rises to rise in the next three months, with 18 per cent expecting a fall and 68 per cent expecting prices to stay the same.

National housing spokesman Ian Perry says: “The market continues to power ahead. Despite many pundits speculating on how much longer rapid price rises can be sustained, they show no signs of slowing down before the end of the year.”


Societies&#39 lending booms and savings flow in

Mortgage lending boomed again last month as gross advances from building societies hit £3.1bn, up nearly 50 per cent from £2.1bn in September and £2.3bn in October 2001.The Building Societies&#39 Association figures show net advances by societies hit £859m last month, a big rise from £487m in October 2001 and up slightly from £858m in […]

Jupiter joint managing director resigns

Steve Glynn, joint managing director of Jupiter Unit Trust Managers, has resigned from the group to pursue other commercial interests.Glynn, who will serve no notice, had been with Jupiter for seven years. He will be replaced by Gordon Davidson, who is currently Northern sales director, with immediate effect.Glynn says: “It&#39s been a tremendous seven years […]

Premier offers bond for all seasons

Premier Fund Managers has introduced the second Premier protected growth plan, a guaranteed equity bond that has a six-year term which could mature earlier.The bond is linked to the performance of the FTSE 100 index and investors are guaranteed the return of the original capital whatever happens to the index. The closing level of the […]

Paragon chief Heron to chair Imla

The Intermediary Mortgage Lenders Association has appointed Paragon Mortgages managing director John Heron as chairman for 2003. He takes over from Britannic Money chief executive Tony Ward who has been chairman for the past two years. Kensington Group chief executive John Malty becomes vice-chairman. Heron says he will ensure that Imla plays a vital role […]

Rise of the machines

Head of Sustainable Investing at Royal London Asset Management, Mike Fox, looks at the case for including artificial intelligence within a sustainable investment strategy. Read the article in full here The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get […]


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