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Home costs nearing £200,000

The cost of the average home in the UK is approaching £200,000, according to official figures from the Department for Communities and Local Government (DCLG).

The department states that annual house price inflation stood at 8.9 per cent in November, up from 8.6 per cent in October, leaving the average price of a house in Britain at £199,467.

Growth was fastest in Northern Ireland, where the average price shot up by 36 per cent during the 12-month period, with Scotland in second at 13 per cent.

The impressive figures were despite interest rate hikes in both August and November and the population's continued appetite for property has shown no sign of abating, prompting a further rate rise by the Bank of England earlier this month.

Should house prices continue to climb "it will increase the chances of interest rates rising even higher", remarked Global Insight's economist Howard Archer.

According to figures from Halifax, the value of the UK's housing stock rose by 12 per cent to £3.8 trillion in 2006.

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15/01/2007 17:32:13

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