Property growth ‘continues’

House prices continued to grow over the course of last month, new figures indicate.

According to research conducted by the Royal Institution of Chartered Surveyors (Rics), property witnessed its 18th consecutive month of growth during April, which as a result is likely to push up secured loan costs for many consumers.

Ian Perry, Rics spokesperson, said: "Last week’s interest rate hike may not be the last as the housing market has not slowed as quickly as expected given the initial round of rate rises.

"With prices buoyant and conditions still tight another rate rise later in the summer looks likely."

The figures come despite news that the pending introduction of Home information packs (Hips) has helped drive a supply of property.

London, Scotland and Northern Ireland were all reported to have driven growth, with property in East Anglia and the north-west of England all increasing in price.

However, enquiries from first-time buyers were reported to have fallen for the fifth consecutive month with Rics suggesting "that recent interest rate hikes are weighing heavily on buyer affordability".

Earlier this week, director general for the Association of Home Information Pack Providers Mike Ockenden claimed that the launch of Hips on June 1st could help property buyers save time and money, which means their ability to make secured loan repayments could be bolstered.

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