UK house prices rise at twice Euro average by Finance News Bulletin

Published: 14/12/07

home prices in Britain have risen faster than in any other eurozone country except Spain over the past five yearshome PRICE LEAP: The price of a home in the UK has risen by 90% in the past five existence, faster than any Eurozone state except SpainWhat's the property gossip See what This is Money readers have to speak and share your views on the communication boardsLenders have been ordered to repay unfair cost We have a full list of money owed

>> get back mortgage feesThe cost of the average UK property has blast up by 90% - second only to Spain where prices have risen 100% - according to a new account by HalifaxBoth countries have seen the cost of a house rise at more than twice the UK and Eurozone average of 40% over the history five yearsThe study highlights the disparities in the price of property in Britain and euro currency nations Some have seen main hikes while others have seen only minor enlargement

Property prices have risen by 73% in France over the history five years, 71% in Ireland, 60% in Belgium and 56% in Greece But the price of a house has risen by just 7% in Portugal and 6% in Austria, while German possessions prices have fallen by 5%For the thousands of Britons who have bought holiday homes in Spain, the most popular overseas purpose for UK buyers, returns have been physically powerful thanks to the 100% go up over the past five yearsBut while Halifax's figures show prices in Spain rising by 14% in the day to March 2007, a downturn in the Spanish property marketplace has seen prices fall in many areas

An overheated marketplace has destined that a combination of oversupply and hikes in the eurozone interest speed has hit Spain hard, with building giants running into troubleA similar story has unfolded in the state of Ireland which has seen a massive property bang followed by stagnating or falling prices and developers organization into difficultiesAnalysts speak the UK property market could also run into trouble, with Britain's biggest building society, Nationwide, caution the fallout from the US subprime mortgage crisis may yet have a negative impactTim Crawford, collection economist at Halifax, said: 'UK house prices have risen more rapidly than in its eurozone neighbours over the past five years

House cost growth, however, has slowed in the history couple of years compared with the likes of Belgium and France footage bigger increases'The cost of a home across the Atlantic has risen somewhat more slowlyr than the euro average with a 36% increase in the worth of in the US and Canada over the past five yearsBut a downturn over the past 18 months has led to a slump in American property prices, with an yearly fall of 13% to the first three months of 2007, according to Halifax

Despite increasing faster than the UK over the past five years, home prices in Spain are lower The average price in Spain stood at £150,200 at the finish of 2006, compared with an average of £187,100 in the UK The standard house price in Ireland, £209,300, and the Netherlands, £190,900, is senior than in the UKThe owner-occupation rate in the UK is at present around 70%

Spain has a significantly senior owner-occupation rate of 82%, whereas the Netherlands has a lower owner-occupation speed of 55% In Germany, the speed is even lower at 45%Select a loan word 12 months (1 year) 24 months (2 existence 36 months (3 existence 48 months (4 existence 60 months (5 existence 72 months (6 existence 84 months (7 existence 96 months (8 existence 108 months (9 existence 120 months (10 existencePlease select a type of insurance existence insurance Home and contents Car Breakdown services Health - checkup Health - dental Travel Pet -

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