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House price growth still strong despite warnings

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04/04/2007

House price growth in the UK has gone up to almost 10% despite various warnings from various sources about a slowdown in recent months, according to Nationwide Building Society.

Between January and March this year prices rose by 2.2%, with every region in the country recording some growth.

Fionnuala Earley, chief economist at Nationwide, said: “Prices increased in every part of the UK in the last 12 months, but the rates at which they rose varied across different parts of the country.

“Northern Ireland and London stand out as the leaders with the fastest annual rates of house price growth in the UK.

“In contrast, the Northern and North West regions and Wales saw the biggest slowdown in house price growth.”

The typical home cost £175,554 at the end of the first quarter, with Northern Ireland recording “phenomenal” annual growth of 57.6%, the highest rate of increase ever registered by Nationwide.

Many experts attribute this rate of growth to the peace dividend as the political leaders of the warring communities have set aside their differences to work together.

London was also singled out as an area of particularly high growth, with the typical house in the capital costing £280,995, up 14.3% over the past year.

 

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