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10 July 2006
House price growth in England has fallen behind growth in Scotland and Northern Ireland, according to new figures.
While Scotland and Northern Ireland are seeing two-figure annual house price inflation of 10.7 per cent and 24.9 per cent respectively, England's annual rate of house price inflation has remained stable at 3.6 per cent, Nationwide reported.
England lagged behind the average growth rate for the UK of 4.8 per cent, with house prices in Northern Ireland now higher than in Yorkshire, Humberside, Scotland and Wales.
"The continuing success of the Northern Irish economy, boosted by significant public investment in infrastructure has helped to support the housing market, although it is difficult to see this rate of growth being sustained in the longer term," said Nationwide's group economist, Fionnuala Earley.
London was the area with the fastest annual rates of house price growth in England, with a house in the capital now costing an average price of £252,724.
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Due to a 'ripple effect', areas in the south around London also saw strong house price growth, while regions in the north of England saw the rate of annual house price inflation fall.
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