Loughton in Essex is the UK number one property hot spot, according to a survey by the Halifax.

Prices in the area have risen by 75% over the last twelve months and the average property now costs �298,413.

	:	UK property market
The house price boom

The area is north-east of London, and within easy commuting distance of London's main financial area.

But according to the survey, half of the fastest rising property prices over the last year were in towns in the north of the UK.

Meteoric rise

The traditional home of property hot spots, London, does not feature in the top ten of fastest rising areas over the last year, even though the average price of a house there has now jumped above �200,000.

Hot spot yearly rise

Loughton, South East: 75% Smethwick, W. Midlands: 68% Pontypridd, Wales: 65% Alfreton, E. Midlands: 62% North Shields: 60% Wrexham, Wales: 60% Whitley Bay, North: 55% Wallsend, North: 55% St Leonards-on-Sea, South East: 55% Taunton, South West: 54% Source: Halifax. Q32001 to Q32002

The Halifax found that house prices are now sprinting ahead outside London.

In Smethwick in the West Midlands house prices leapt by 68% over the past year, with the average home now costing �94,264.

Pontypridd in Wales experienced the third fastest property price rises in the last year.

The average price has risen to �84,742 from �51,417 over the last year - a rise of 65%.

Martin Ellis, group economist at the Halifax, said: "These figures show that the top hot spots are not just found in those regions which have seen the largest growth as a whole.

"The fact that half of the towns appearing in the top 10 are in the North reflects the greater capacity for house price growth in these towns and the rapid redevelopment of cities such as Newcastle, Leeds and Manchester."