Daily Express Sat March 29th 2008, 02/04/2008.
House prices have risen by more than £30 every day over the past five years, it was revealed yesterday.The latest figures from Britain’s largest building society show that they have soared by 47 per cent since 2003.
The average value of a home has increased by 1.1 per cent in the year to the end of March, with the price of a typical house now £179,110, which is £2,027 more than the same time last year.
Last night experts insisted the findings showed that fears of a major housing market crash are unfounded. Despite the impact of the credit crunch and lenders tightening their belts, analysts say increasing demand has kept prices high.
Housing expert John Wriglesworth said “I do not believe we will have a price crash. We are an overcrowded island with an ever-growing population. People have an innate desire to be home owners and supply is short.
In those circumstances I think there is more chance of finding Elvis on the moon than house prices crashing over the next five years. Prices may not be rising as sharply as they have been but there is no sign of them going into freefall either.
The problem is that lenders are not offering the deals they were, but if you take a five year comparison house prices are way up."
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