HOUSE prices have rocketed by more than double the national rate in the York area, new figures showed today.

Prices have also risen faster than the national average of ten per cent in the last year in North Yorkshire and East Riding areas.

The Land Registry said today that property prices were 10.2 per cent higher during the first three months of 2002, compared with the first quarter of the previous year.

The increase lifted the average cost of a house in England and Wales by more than £10,000 to £121,881. In the City of York area, prices rose by 21.9 per cent in the same period, from an average of £94,668 to £115,403; in North Yorkshire by 15.7 per cent from an average of £93,235 to £107,893 and in the East Riding by 14 per cent from an average of £70,928 to £80,882.

Across the whole of the Yorkshire and Humber they reached £74,869 after rising by 12.9 per cent.

David Bitner, mortgage technical manager at the MarketPlace at Bradford & Bingley said: "Historically low interest rates, a lack of supply, and demand remaining strong are all leading to the increases."

He said that even if interest rates did go up slightly, it was unlikely to dampen the market as it would lead to people rushing to get on the property ladder before rates went up further.

The biggest price increase by region was seen in East Anglia, where values surged by 20 per cent year-on-year to £112,695, followed by the South West where they shot up 18.2 per cent to £126,187.

Updated: 11:16 Thursday, May 09, 2002