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House prices surge in top-performing areas

by: IFAonline
  • 20/06/2011
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House prices surge in top-performing areas
Homeowners in the most economically prosperous areas of the UK saw the value of their property rise by £147,000 in the decade to 2008, more than a third higher than the jump in locations with the smallest levels of economic activity, according to Halifax.

Its research revealed the average house price in the ten top-performing local areas between 1998 and 2008 rose by 219%, or £146,984, from an average of £67,178 in 1998 to £214,162 a decade later.

This was 34% higher than the £109,413 (195%) increase in the average house price in the ten areas with the smallest rises in economic activity.

Suren Thiru, housing economist at Halifax, said: “Unsurprisingly, house price growth over the past decade has been stronger in the areas that have seen the biggest increases in economic activity.

“The North-South divide that has opened up recently with the general outperformance of the housing market in southern England appears to reflect the stronger economic performance of these regions.”

Among the top-performing locations were Belfast, Cambridgeshire, Bournemouth, Poole and Liverpool. Among the lowest were Coventry, Blackpool and Stoke-on-Trent.

The Halifax used Gross Value Added (GAV), a measure of the value of goods and services, to assess economic prosperity. House price figures were extracted from the Halifax House Price database.

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