Where was biggest house price rise?


Published: Saturday 27th December 2014 by The News Editor

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Greenwich in London has recorded the biggest surge in house prices among major UK towns and cities over the last year, with the typical property value there increasing by almost a quarter.

The research, based on house price data from Halifax, found that prices in Greenwich have lifted by 24.6% year on year to reach £328,044 in 2014.

This is almost double the rate of growth across London as a whole, where property prices have increased by 13% annually.

Nine out of 10 areas which have seen the strongest price growth over the last year are dotted across London. They included Ealing, Tower Hamlets, Waltham Forest, Brent, Southwark and Hackney.

Crawley in West Sussex was the only place outside London to make the top 10, with prices there rising by 22.4% over the last year.

Looking across the UK, Cambridge was another strong house price performer this year, with property values there lifting by 17.3% to reach £328,081 typically.

Outside southern England, property values in Sheffield have seen the strongest annual uplift, with a 13.7% increase pushing the average price to £148,372.

Halifax said house prices in Sheffield are likely to have been boosted by the fact that over the past five years, the South Yorkshire city has seen a significant increase in employment, particularly in managerial, professional and technical skilled occupations.

In Wales, Wrexham was the top price performer, with values there increasing by 8.9% compared with 2013 to reach £155,232 typically in 2014.

Dundee was Scotland’s strongest performer. House prices in Dundee have risen by 10.9% year on year to reach £146,306 on average.

Looking at Northern Ireland, Halifax said prices in Craigavon have increased by 3.8% annually to reach £104,789 typically.

Meanwhile, Swindon was the South West region of England’s strongest price performer. Property values there have increased by 9.5% annually to reach £178,826 typically.

Chester gave the strongest performance in the North West, with values there lifting by 8% year on year to reach £189,640 on average. In the North region of England, Gateshead had the highest house price surge. Values in Gateshead have increased by 7.7% year on year to reach £130,827 typically.

In the West Midlands, values in Coventry have typically increased by 8.9% to reach £158,931, while in the East Midlands, prices in Kettering recorded a 10.1% uplift, taking them to £167,980.

Craig McKinlay, mortgage director at Halifax, said: “Continuing improvements in the economy, rising employment and low mortgage rates will no doubt have supported housing demand and, combined with a shortage of homes coming on to the market, will have contributed to rising property values.

“At the other end of the spectrum, several of the towns experiencing price falls in the past year are still suffering from relatively weak employment conditions, which may have had an adverse impact on their local housing markets.”

The towns with the biggest average falls in house prices between 2013 and 2014 were all outside southern England and four out of the 10 weakest-performing towns were in north west England.

The places which have seen the biggest price falls over the last year include Bury, Keighley, Nuneaton and Newport.

Here are the towns which have seen the biggest average increase in house prices year-on-year, with the average property value in 2014 and the annual increase:

1. Greenwich, London, £328,044, 24.6%

2. Ealing, London, £455,543, 24.5%

3. Crawley, South East, £267,925, 22.4%

4. Tower Hamlets, London, £424,163, 22.0%

5. Kingston upon Thames, London, £460,853, 21.4%

6. Sutton, London, £326,565, 20.7%

7. Waltham Forest, London, £331,080, 20.4%

8. Brent, London, £443,902, 20.1%

9. Southwark, London, £450,277, 19.8%

10. Hackney, London, £467,945, 19.6%

:: UK average, £209,428, 8.5%

And here are the towns which have seen the biggest average decrease in house prices year on year, with the average property value in 2014 and the annual decrease:

1. Bury, North West, £140,376, minus 4.8%

2. Keighley, Yorkshire and the Humber, £131,403, minus 4.4%

3. Nuneaton, West Midlands, £146,487, minus 3.2%

4. Newport, South Wales, £129,692, minus 2.9%

=5. Stoke-on-Trent, West Midlands, £124,232, minus 2.6%

=5. St Helens, North West, £119,851, minus 2.6%

7. Livingston, Scotland, £142,732, minus 2.4%

8. Preston, North West, £151,071, minus 2%

9. Rochdale, North West, £115,560, minus 0.9%

10. Durham, North East, £137,188, minus 0.6%

Published: Saturday 27th December 2014 by The News Editor

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