House price-inflation breaks double-digits

Posted: 20 Nov 2006 11:12:36 GMT

Annual house-price inflation has risen to above double digits for the first time in two years, the latest Rightmove index has show, hitting 12.4 per cent in England and Wales

Annual house-price inflation has risen to above double digits for the first time in two years, the latest Rightmove index has show, hitting 12.4 per cent in England and Wales.

Average house-price growth over the course of November was 1.5 per cent and the average home is now worth £222,333.

Once again London's red-hot property market powered the growth, with asking prices in Kensington and Chelsea 54.9 per cent higher than November 2005.

"Southern sellers are responsible for pushing up the national growth rate into double figures," said Rightmove commercial director Miles Shipside.

"Until more suitable properties are built to satisfy the demands of the buoyant southern economy, their prices will continue to rise."

The increases in the London market have also reached out from the capital, with house prices up 16.3 per cent in the south-east, 17.4 per cent in the south-west and 14.4 per cent in East Anglia.

© Houseladder Ltd