According to new figures from Hometrack, property prices in the UK have risen at their fastest annual pace since 2004.

With almost a disregard for the recent rate rise, monthly figures showed that prices grew by 0.6 per cent in November.

It seems as though the rate rise may have sparked some more movement in the housing market, rather than quell it.

Hometrack seem convinced that the rate rise will eventually temper the market, but, right now, the market is buoyant. They are precicting 4% growth for 2007.