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House prices: the best and worst performing UK towns


12-28-2014

 

See where house prices rose by 25pc this year, and which area suffered a 5pc fall

 

The London Borough of Greenwich recorded the biggest rise in house prices across the UK over the past year, with Crawley in West Sussex the only area outside of the capital to make the top 10.

The average house price in Greenwich, south east London, rose 24.6pc in the year to November from £263,183 to £328,044, according to research by Halifax.

This was significantly faster than in London as a whole, which saw price growth of 13pc over the same period.

The data shows prices rose by 8.5pc across the UK, bringing the average house price to £209,428.

This is broadly in line with research published yesterday by property website Zoopla, which found UK prices rose by 6pc in 2014 on average, and 15.6pc in London.

Halifax said Ealing in west London experienced the second biggest rise with an average increase of 24.5pc, while Crawley recorded 22.4pc growth.

Sheffield was the top performing area outside the south with prices rising by an average of 13.7pc.

Over the past five years, the South Yorkshire city has seen a significant increase in employment, particularly in managerial, professional and technical skilled occupations. This may have been a key factor in helping to boost housing demand, and prices, in the city.

The 10 best performing areas

Town/area
Region
Average house price (Nov 2013)
Average house price (Nov 2014)
Percentage change (%)
Greenwich
Greater London
263,183
328,044
24.6
Ealing
Greater London
365,859
455,543
24.5
Crawley
South East
218,844
267,925
22.4
Tower Hamlets
Greater London
347,645
424,163
22.0
Kingston Upon Thames
Greater London
379,520
460,853
21.4
Sutton
Greater London
270,461
326,565
20.7
Waltham Forest
Greater London
274,924
331,080
20.4
Brent
Greater London
369,510
443,902
20.1
Southwark
Greater London
375,992
450,277
19.8
Hackney
Greater London
391,195
467,945
19.6
UK

193,087
209,428
8.5

Source: Halifax

But many towns in the North saw prices fall over the past year. Bury in Lancashire, Keighley in West Yorkshire and Nuneaton in Warwickshire recorded the largest price falls.

The 10 worst performing areas

Town
Region
Average house price (Nov 2013)
Average house price (Nov 2014)
Percentage change (%)
Bury
North West
147,407
140,376
-4.8
Keighley
Yorkshire and the Humber
137,463
131,403
-4.4
Nuneaton
West Midlands
151,260
146,487
-3.2
Newport
Wales
133,616
129,692
-2.9
Stoke On Trent
West Midlands
127,578
124,232
-2.6
St Helens
North West
123,069
119,851
-2.6
Livingston
Scotland
146,278
142,732
-2.4
Preston
North West
154,185
151,071
-2.0
Rochdale
North West
116,603
115,560
-0.9
Durham
North East
137,964
137,118
-0.6
UK

193,087
209,428
8.5

Source: Halifax

What's next for house prices?

House prices shot up in the first six months of the year but slowed sharply in the second half as buyer enquiries and mortgage approvals fell. This was partly due to tough new mortgage lending rules introduced in April that made it more difficult to secure a loan.

Many commentators expect UK prices to rise by around 5pc in 2015, but for zero growth in London.

Estate agent Savills said that having experienced the strongest price growth, London property will “flatline” next year, with five-year price growth totalling just 10.4pc.

www.telegraph.co.uk

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