House price growth up across UK in ’06 says Nationwide

House prices growth across the UK accelerated through the first quarter of 2006, Nationwide’s House Price Report has revealed.

The increase is the fastest growth since the third quarter of 2004, reaching an annual rate of growth of 4.9 per cent, bringing the average house price up to £160,319.

The fastest growth was found in Northern Ireland, where prices increased by 17.6 per cent, more than three and a half times the UK average.

The lowest growth was found in the north of the UK, where it was limited to 0.5 per cent, a tenth of the average.

London has also appeared rejuvenated, with a healthy year for City bonuses and limited supply pushing prices to an annual five per cent growth, or 2.2 per cent in the quarter.

The period marks the first time that London reached above the UK average in four years. Prices across the south-east also grew but at a slower rate than elsewhere.

Yorkshire and Humberside also saw fast growth, continuing their strong run at above the UK average over the past four years.

In Scotland, Aberdeenshire and Moray saw the fastest growth during the first three months of 2006, averaging 18 per cent.

An upbeat market has also fuelled mortgage borrowing with an outbreak of competitive pricing encouraging homeowners to compare mortgage rate deals.

© Adfero Ltd

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