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Northern house prices see highest rise

Northern regions of the UK saw the strongest house price growth during the past decade, research has shown.

The average cost of a home in Yorkshire and Humber rose by 130%, jumping from £55,574 in 1999 to £127,852 at the end of last year, according to Halifax.

The North (which, as defined by Halifax, includes the North East) saw an overall growth of 120%, just ahead of the North West with 112%.

Wallsend on Tyneside was in the top ten places in the country with the highest house price rises in the past decade, jumping 164% from £39,381 to £103,893.

Redruth in Cornwall saw the biggest price jump at 207%, followed by Penzance, also in Cornwall, at 188% and Ramsgate in Kent at 181%.

Martin Ellis, housing economist at Halifax, said: “The noughties was a significant decade for house prices. The majority of towns that experienced the strongest price growth began the decade with lower than average property prices, which provided the platform for bigger price gains.

“Seaside towns fared particularly well as the attraction of having a home on the coast helped to boost demand.”

Royal Institute of Chartered Surveyors’ North East housing market spokesperson and director at Rook Matthews Sayer, Richard Sayer, said: “Although there has been a growth in property prices over the last ten years, there may be anomalies when focusing on regional data. For example, there may be some areas in the region that have experienced significant price increases over the last decade, whilst in other parts of the region, property prices have simply stabilised.

“At the moment, reasonably priced houses are still selling and there remains little pressure for prices to rise in the near future.

“The housing market is currently challenged by recovery and I hope that the next ten years will show a marked improvement on the lows that we have seen in recent years. I would urge purchasers to take advantage of the current market place, as now is the ideal time to buy.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .