Money News
The round of interest rate rises over the winter has had little impact on the housing market. Figures released by the Department for Communities and Local Government (DCLG) show the annual rate of increase in house prices at a gob-smacking 42.5% in Northern Ireland in January. The inflation rate in Scotland rose from to 15.9%; in Wales to 10.2%.
House price inflation in England was a relatively more sedate 9.9% in January, up from 8.9% in December. The DCLG says average house price in the UK in January 2007 stood at £205,286, up from £201,090 in December 2006 (not seasonally adjusted).
Across the UK, the largest increase in prices was for detached houses while the English region with the highest average house price remains London at £305,248. The lowest average price was in the North East at £145,091.
The average price paid by first time buyers across the whole of the UK was £158,097 in January, while the average price paid by former owner occupiers was £225,415.
12 March 2007 © Moneyextra.com
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