CLG index 'confirms strong start to 2010'

Tuesday, March 16 2010

The latest House Price Index from Communities and Local Government (CLG) confirms that the property market has had a strong start to 2010.

According to chief economist at the Royal Institution of Chartered Surveyors (Rics) Simon Rubinsohn, the monthly CLG figures show that February had mixed results for the property market.

January was a "firm month" and the majority of respondents suggest that February also saw price increases.

"Rics, however, suspects that the increase in supply is not yet sufficient to arrest the upward move in prices," Mr Rubinsohn claimed.

According to the CLG statistics that were released today (March 16th), UK house prices rose by 4.8 per cent in the quarter ending in January this year.

During the previous quarter, a 2.3 per cent rise was noted.

First-time buyers in January paid 8.9 per cent more for homes than they did a year ago and the average prices paid by former owner occupiers rose by 5.2 per cent, the survey revealed.