New government figures indicate that property prices are gradually rising.

Annual house price inflation rose in September for the first time in six months, according to the Office of the Deputy Prime Minister (ODPM).

In the year to September, house prices grew on average by 3.3%, up from Augusts figure of 2.8%.

The governments findings are supported by Rightmove, who report that property prices rose 0.8% in the four weeks to 12 November.

Annual house price inflation stood at 16.7% in Northern Ireland and 10.1% in Scotland. However property prices continue to surge in the north of England. Prices rose by 7.9% in the north-west and 7.1% in Yorkshire.

At the other end of the scale, prices are falling in the south-west, while in London prices have grown just 1.9% during the past twelve months.

Commenting on the ODPM survey, Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors said: "House price rises have slowed from a high of 14.3% in July 2004, due to the impact of rising interest rates last year, but a firm labour market and the recent interest rate cut have helped reverse the declining trend."








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