Inverness leads the way in Scotland

House prices rise 1.7% - Halifax

House prices in London up 11%

Residential-led scheme earmarked for Welsh colliery site

Level of remortgaging at a five-year low

ARLA disappointed at governments lack of regulation

Inverness leads the way in Scotland

Residential property growth in Inverness appreciated the most in Scotland over the past decade according to a new survey.

The Halifax report reveals that average property prices in Inverness rose by 195%, from an average of £51,634 to £152,244. This was followed by Edinburgh, up 178%, Arbroath, up 175%, Kilmarnock, up 170% and Alloa where prices rose by 169%.

Ross Keany, spokesman for the Bank of Scotland, said: “Although house price rises in the past ten years have not been quite as high as we have seen in England and Wales, they have still been very creditable indeed.

“But the increasing house price rises will be a big concern to first-time buyers and key workers such as firemen and nurses who must be concerned their salaries will not stretch to meet a £200,000 mortgage.”

House prices rise 1.7% - Halifax

UK house prices rose by 1.7% in October 2006, according to the latest Halifax survey. Annual house price inflation now stands at 8.6%. However, analysts have warned that such levels of long-term growth are unlikely to continue.

Despite the average property in the UK being valued at £184,593, the building society's monthly house price index suggests a "weakening in activity."

House prices in London up 11%

The residential property market in Greater London has outperformed the rest of England over the past year, according to consultants Acadametrics, which compiles the FT house price index. 

According to the report, capital growth in England rose on average by 6.6%, with average property prices now standing at £207,899. However, in London residential property prices appreciated on average by 11%. The south-east grew 6.1% and the south-west and north-west both up 5.8%, and East Anglia up 5.3%.

Peter Williams, Acadametrics chairman, said: “Monthly house price growth has strengthened further in October following a relatively weak period over the summer. This strong performance has been led by London and supported by the South East and South West.

 “There remains a risk that the London market is slow to adapt to higher interest rates as localised supply shortages continue to dominate a generally low housing turnover market.

“Setting appropriate interest rates against this backdrop will be difficult as most regional markets in England and Wales have experienced more limited house price growth in the last 3 months in contrast to London where the annual rate has risen to 11% and any increase in rates could have a significant effect.”

Residential-led scheme earmarked for Welsh colliery site

Regeneration company Cofton has submitted planning permission to convert a former colliery in South Wales into a residential-led mixed-use scheme. Plans for the 206 acre Fernhill Colliery site, near Treherbert in Rhondda Valley, include 40 acres of housing (around 600 homes). If planning permission is approved, the site will then be sold on to housebuilders.

Level of remortgaging at a five-year low

The level of remortgaging in the UK has fallen to their lowest figure for five years, according to the Council of Mortgage Lenders (CML).

CML's figures for September reveal that remortgaging accounted for 30% of the market by value, the lowest figure since August 2001 and down from 42% in September 2005. Figures for the third quarter of 2006 reflect this trend, with remortgaging accounting for just 31% of the market, compared to 39% during the same quarter last year.

Commenting on the data, CML director general Michael Coogan said: "The downward trends in remortgaging illustrate how lenders are reacting to competitive conditions, and offering attractive retention products and policies to their customers."

"These latest figures show that slowly but surely the market is cooling as we approach the end of the year in an environment of higher interest rates." 

ARLA disappointed at governments lack of regulation

The government has once again decided not to legislate against the 8,000 or so unregulated estate agents operating in the UK, despite the fact that they handle £12bn a year in rents, drawn from property assets worth in the region of £250m, according to the Association of Residential Letting Agents (ARLA).

ARLA are disappointed at the government's failure to introduce any form of control, as they have been urging the government to license all agents for some years now.

Adrian Turner of ARLA says: "This is a lost opportunity to protect the consumer in that part of the private rented sector where the professional bodies cannot reach.

"We only control our own members and they are less than half the total number of agents out there."

He adds: "We are very disappointed that there has been no attempt to introduce licensing or independent redress for all letting agents in this new latest Consumer Bill. Once again, government has abdicated all responsibility to the professional bodies. This leaves them unsupported as the sole guardians of standards throughout the private rented sector."