HOUSE prices in the Selby area soared by 66 per cent during 2002, figures showed today.
In terms of local authorities, Selby topped the growth league, and was way above the national average house price rise of 25 per cent, the equivalent of £65 a day.
Richard Taylor, of Selby-based estate agents Keith Taylor, said: "There has been a significant increase in house prices in the Selby area. Houses here were relatively cheap but they have now come up to more realistic levels."
Edward Waterson, residential sales partner for estate agents Carter Jonas, said: "People must realise that Selby was starting from one of the lowest value areas in the county. It's good news for the people in Selby. It isn't a total surprise when you see what is happening elsewhere in the country."
The report by Nationwide said that strong growth continued in December with the average cost of a home increasing by 1.7 per cent to £117,206. The building society was expecting further growth in 2003, predicting house prices would rise by ten per cent during the next 12 months.
But it added that while some regions could see the cost of property surge ahead by 15 per cent, it was "highly likely" that certain pockets of London and other hotspots would see price falls.
Yorkshire and the Humber saw the strongest overall rise with house prices 35 per cent higher during the final quarter of 2002 than for the same period the previous year. In the South West prices were up 31 per cent year-on-year, while in the West Midlands and East Anglia they were up 30 per cent and 29 per cent respectively. But at the other end of the spectrum the cost of property rose by only 16 per cent during the year in Scotland and Northern Ireland and only 21 per cent in London.
Alex Bannister, Nationwide's group economist, said: "The housing market remained strong in December, with prices up 1.7 per cent, to close out the fastest year of house price growth since 1989." House sales also look set to record the highest level of turnover since 1989, with about 1.6 million properties changing hands, or 4,400 a day.
Updated: 15:35 Thursday, January 02, 2003
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