Property prices surge to year end

Posted: 05 Jan 2007 10:55:15 GMT

Property price growth accelerated towards the end of 2006, figures from building society Nationwide have shown, growing an average of 3.3 per cent in the last quarter

Property price growth accelerated towards the end of 2006, figures from building society Nationwide have shown, growing an average of 3.3 per cent in the last quarter.

The end of year surge pushed property prices in Northern Ireland 44 per cent up on the same period of 2005, followed by Scotland where prices were up 16 per cent.

On average, houses across the UK finished the year 9.3 per cent more expensive than 12 months ago at £172,065.

"This represents a £40 increase per day," said Nationwide economist Fionnuala Earley.

"Looking forward we expect that UK house price growth will be led by London and the south-east where supply issues are most acute.

"Overall we expect the housing market to remain fairly firm across the whole of the UK in 2007," she added, estimating growth of around five to eight per cent for the full year.

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