Scotland and Northern Ireland top 2007 price growth table
Mon 21st Jan, 17:08:57 GMT
Scotland and Northern Ireland saw the biggest increases in house prices last year, new research has found.
According to the Halifax, while house prices across the UK as a whole rose by 5.2 per cent in 2007, Scotland saw an increase of 13.1 per cent, with the affordability of a home there proving attractive to many buyers.
After dramatic 52.9 per cent price growth in 2006, Northern Ireland saw house prices increase by a relatively modest 9.3 per cent last year.
Going into 2008, Martin Ellis, the firm''s chief economist, predicted that although "sound economic fundamentals and lower interest rates will support house prices", there is likely to be some variation between regions.
"Small price rises are expected in the south and Scotland whilst modest falls are predicted in northern England and the midlands.
"These falls should, however, be viewed in the context of the substantial house price rises over the past few years."
Mr Ellis also concurred with other financial experts who expect the Bank of England''s monetary policy committee to reduce the base rate "at least twice in 2008".
According to the Halifax, while house prices across the UK as a whole rose by 5.2 per cent in 2007, Scotland saw an increase of 13.1 per cent, with the affordability of a home there proving attractive to many buyers.
After dramatic 52.9 per cent price growth in 2006, Northern Ireland saw house prices increase by a relatively modest 9.3 per cent last year.
Going into 2008, Martin Ellis, the firm''s chief economist, predicted that although "sound economic fundamentals and lower interest rates will support house prices", there is likely to be some variation between regions.
"Small price rises are expected in the south and Scotland whilst modest falls are predicted in northern England and the midlands.
"These falls should, however, be viewed in the context of the substantial house price rises over the past few years."
Mr Ellis also concurred with other financial experts who expect the Bank of England''s monetary policy committee to reduce the base rate "at least twice in 2008".
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