House prices have grown most in northern regions in the past decade, study confirms
Northern regions of the UK have seen the strongest house price growth during the past decade, research has shown.
The average cost of a home in Yorkshire and Humber soared by 130% during the
noughties, jumping from £55,574 in 1999 to £127,852 at the end of last year,
according to Halifax.
The average cost of a home in Scotland rose by 94% during the 10 years while
in Northern Ireland prices ended the decade 99% higher than they started it.
The North and North West also saw strong growth of 120% and 112% respectively
during the period, while in Wales house prices increased by 122% to an
average of £137,316.
At the other end of the scale, price growth was slowest in London during the
decade, with the average cost of a property rising by 80% to £255,473,
followed by the South East at 85%.
Redruth in Cornwall saw the biggest price jump at 207%, followed by Penzance,
also in Cornwall, at 188% and Ramsgate in Kent at 181%.
The cost of the average home in the 10 best-performing towns rose by at least
160% between the end of 1999 and the end of 2009.
Across all regions of the UK, house prices rose by an average of 105% during
the 10 years, the biggest increase in real terms seen during any decade in
the past 50 years.
Despite property losing a fifth of its value between mid-2007 and mid-2009,
the average house price still rose from £81,596 during the final quarter of
1999 to £167,020 in the three months to the end of December 2009.
Martin Ellis, housing economist at Halifax, said: “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.”