The rate at which house prices are rising was emphasised by new figures that showed that if current trends continue, the average UK home would cost £1 million in 2024.

Stroud and Swindon Building Society, using growth rates in house prices and incomes to project future statistics, said some areas would reach the mark even sooner, the Norwich Evening News reported.

East Anglia is projected to hit the figure in 2022, with Norwich and Ipswich reaching the figure that year, while Cambridge will be a million pound property city in 2019.

According to the report, the average house price in Norwich at present is £165,000.

Last week, figures from Halifax showed a 1.7 per cent rise in the house price in October, increasing the annual rate of inflation to 8.6 per cent, although the bank's chief economist Martin Ellis said there were signs of a "weakening" of activity in the market.

If a rise in house prices affects you and your current credit commitments, check your credit report and ensure you're up to date.




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