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House prices still power upwards across the UK

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The average price of a house in the UK surged in January as people’s saving and investment in property sustained its confidence, according to figures from the Department for Communities and Local Government (DCLG).

The DCLG said that average prices were rising by 10.9% in a year in January, up from 9.9% in January, figures in line with other surveys from sources like Halifax and Nationwide Building Society.

A substantial 2.1% rise was recorded between December 2006 and January 2007, with the average price increasing by £4,000 in January alone.

The DCLG added that the average price of a home in the UK is now £205,286, confirming that property is a favourite UK investment for many people.

Northern Ireland saw the strongest year-on-year price growth, with annual house price inflation currently running at about 42.5% in the province.

Many experts regard this phenomenal performance as one of the effects of the peace dividend, as more people were now prepared to make a significant saving and investment in property there.

In England, annual house price inflation rose from 8.9% to 9.9% in January. This was powered by a strong performance from London, where City bonuses and an influx of wealthy foreigners, many from Russia, contributed a strong saving and investment element to the property market.



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