House Price Boom Rages On

2.22.38pm UTC (GMT +0000) Wed 25th Apr 2007

The most recent house price data suggests that the boom continues as strongly as ever with average property prices in the borough approaching half a million pounds (£494,600) a 17% rise over a year ago

Vincent Cable said that while the boom had the affect of "making home owners feel wealthier it was at the price of blocking people on low and middle incomes from getting onto the housing ladder. I also fear that like most financial bubbles this one will burst, with painful consequences. But there are no signs at present that the market is any other than very strong".