A POSTCODE in Birmingham has the fastest rising house prices in the UK.
Properties in the Ladywood area of the second city have soared by 17 per cent to £171,121 on average in the past 12 months, new figures from Barclays have revealed
PROPERTY BOOM Forget London, the postcode with the fastest rising house prices is in Birmingham
11-25-2017
Prices in the B16 postcode have soared to £171,121 in the past 12 months - faster than any other area in the country
B16 beat Edinburgh's EH2 Holyrood postcode into second place, which saw prices rocket by nearly £50,000 (14 per cent) to £372, 592, and Glasgow's former industrial area of Finnieston, where prices jumped to £183,298 - up 14 per cent.
And surprisingly, most of the 20 cities Barclays looked at outperformed London, which saw an overall price increase of just two per cent.
The capital has long been known for runaway prices, with first-time buyers now needing an eye-watering average deposit of more than £100,000.
But there have been signs of a cooling in the property market, with prices falling for the first time since 2009, according to figures from Nationwide.
London's E5 postcode - which takes in the trendy area of Clapton - saw prices rise by five per cent in the last 12 months, making it just the 16th fastest-growing area.
You'll still be spending a pretty penny if you want to buy a home there though - prices are now a hefty £541,800, the most of all the postcode areas.
Ladywood, which Barclays describes as having an "abundance of restaurants and coffee shops", far outstrips the average house price growth of Birmingham as a whole - five per cent.
Craig Calder, director of Barclays Mortgages, said: "It is fascinating to see the individual postcodes where property prices are growing at a very fast pace, particularly when they are significantly outstripping the city’s average growth.
"It demonstrates how changeable the property market currently is, not just around the UK but within each city."
Barclays said regional cities outperforming London could be a sign buyers are looking for more affordable areas to live, rather than stretching themselves to buy in the capital where their money won't go as far.
The cost of housing has become a big issue, as potential first-time buyers struggle to get enough for a deposit.
At last week's Budget, the Government issued a raft of measures designed to help, including scrapping Stamp Duty entirely for homes worth up to £300,000 and committing an extra £10billion for the Help to Buy scheme.
The controversial tax has been blamed for stopping 146,000 deals over the last five years and acting as another barrier to first-time buyers getting on the property market.
But some experts have claimed the move will simply raise prices instead.
Chancellor Philip Hammond also unveiled plans to build 300,000 new homes each year until the mid-2020s in a bid to boost housing supply.
Budget Day 2017: Chancellor of the Exchequer Philip Hammond announces that he will abolish stamp duty for all first time home buyers up to £300,000