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A new study from Halifax has found that UK house prices are rising at a faster rate than in almost all other Eurozone countries.

The report shows that since 2002 UK property prices have rocketed by 90 per cent, more than doubling the Eurozone average of 40 per cent.

Only Spanish property was able to top the UK figures - seeing 100 per cent growth over the same period - and the average house price in that country is still £37,000 lower than in Britain.

Halifax chief economist Tim Crawford insisted that the five-year figures actually masked a slowing UK property market, with countries such as Belgium and France recording bigger increases in the last 24 months.

He added that Germany was the only Eurozone country to witness a fall in house prices.

Experts had long insisted that the UK's property boom was unsustainable and recent figures from the Land Registry confirm that national house price growth is ebbing, clocking in at just 0.1 per cent in July.

The buoyant London market, however, remains strong, seeing average price rises of 1.1 per cent in the same month.

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Author:  Joanne McCabe

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