House prices 'up £100 a day'

Last updated at 08:59 29 April 2004


House prices rose by more than £100 a day during April as the booming property market continued to show no sign of slowing down, figures revealed today.

Nationwide Building Society said UK house prices increased by 2.1% during the month, up from 1.4% in March, to take the average cost of a home to £145,918.

The surge in prices boosted annual house price inflation for the year to the end of April to 18.9%, its highest level since June last year.

The figures are likely to increase pressure on the Bank of England's Monetary Policy Committee when it meets next week to raise interest rates to 4.25% in a bid to slow the market down.

Nationwide said prices had risen by more than 7% since the beginning of the year, but it added that it still expected growth of 15% for the whole of 2004, meaning price rises would have to slow to just under 1% a month for the rest of the year.

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