House price growth nears six per cent for 2006

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House price growth nears six per cent for 2006

Wed 27th Dec 2006

Total house price growth during this year has been 5.7 per cent though December's growth was below that of the previous month's, property information firm Hometrack's new research shows.

The average property price rose 0.3 per cent during December, which was down from the figure of 0.6 per cent in November.

Growth in house prices this year was the highest year on year rise since July 2003 and London continues to pave the way for growth with a property price rise of 12.1 per cent this year.

"The big story of 2006 has been the strength of the bounce-back in London prices after the under-performance of values in this region between 2001 and 2005," said Richard Donnell, Hometrack's director of research.

The south-east and east Anglia follow London in terms of house price growth with 5.5 per cent and 4.7 per cent respectively.

Scotland has witnessed the largest house price growth this year and it is Aberdeen that has displayed the largest rise during 2006 with 27 per cent, according to the Bank of Scotland.

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