UK house prices rise by 6.7% in 12 months

A 6.7% rise in UK property prices now means that an average house costs £172,000.

However, prices in some areas are beginning to stagnate causing what experts are calling a two-pace market.

London Borough of Waltham Forest saw a 26.3% rise whereas Merthyr Tydfil saw a price drop by 13.2% in the last 12 months.

Simon Gompertz reports.