DCLG: House prices break £200,000 barrier
Monday, 12 Feb 2007 13:08
House prices in Northern Ireland were up 39.9% last year
The average UK house price reached £201,090 in December breaking the £200,000 barrier for the first time, government figures reveal today.
Over last year house prices rose 9.9 per cent across the country, with homes in Northern Ireland experiencing the largest price increase, up 39.9 per cent to reach £191,505.
Scottish properties also rose strongly in 2006, going up to £147,687 - a 15.2 per cent increase in the 12 months since December 2005.
"With average house prices breaking the £200,000 mark in December, the housing market has breached a psychological barrier which will further the woes of first-time buyers," warned Oliver Gilmartin, Royal Institution for Chartered Surveyors (Rics) economist.
"There was little Yuletide cheer for would be buyers with house prices up countrywide, despite two interest rate rises in 2006.
"However, rate rises since the autumn will start to slow the market in 2007, although accessibility will continue to deteriorate as buyers struggle to raise sufficient deposits.
"Even in the East Midlands, the average house price is now £146,183 which is over five times the average income."
The most expensive place to buy a property in the UK in December was London, with the average property costing £296,160. This is more than double the average price of a home in the north-east, where the average house price in December was £146,183.