Property News

Monday, March 12, 2007

Jan house price rise fastest in 2 years

Latest data from The Department for Communities and Local Government shows that house prices in Britain rose at their fastest annual rate in nearly two years in January, boosted again by London's booming property market.

House prices rose 10.9% year-on-year in January, the biggest annual gain since March 2005 and up from a rise of 9.9% in December. House prices in London rose 13.2% on the year in January after a rise of 11.8% in December. The DCLG said the average house price stood at £205,286 in January compared with £201,090 in December.

Northern Ireland saw the strongest year-on-year price growth., annual house price inflation is currently running at 42.5%. In Scotland annual house price inflation rose from 15.2% to 15.9%, in Wales the rate increased from 9.1% to 10.2%. Meanwhile, in England, buoyed by strong growth in the capital, annual house price inflation rose from 8.9% in December to 9.9% in January.

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