For the first time, the average house price in every town in the UK has risen to £100k, according to the latest housing survey conducted by The Halifax.
At £104,738 (average price of town house), Lochgelly in Fife is officially the cheapest town in Britain, though this is still someway short of the average for the whole of the UK which surpassed £100k for the first time in February of this year.
With London house prices rising around 14.6% over the past year, this considerably exceeds rises elsewhere in the country: the north-east for instance, rising only 5.6% over the same period.
It has been widely reported that the general conscensus of the mortgage industry believes that a further interest rate rise is inevitable in May to stave off further significant rises. It is extremely important to keep inflation and the property market stable if we are to avoid the 'boom and bust' scenario of the 1980's and 1990's.
Many people are turning to fixed rate mortgages in an attempt to avoid future rate rises as the mortgage is still and by some considerable margin for many, the largest single monthly expense.
You know you're broke when...
You can't afford to pay attention!
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