House prices rose fastest in Newry and Antrim in Northern Ireland last year, Halifax reveals
House prices grow fastest Newry and Antrim
Friday, 20 Oct 2006 08:52
Newry and Antrim in Northern Ireland have the fastest growing house prices in the UK.
Both towns have seen property values rise 46 per cent in the last year, according to the Halifax house price index.
"Towns in Northern Ireland dominate the list of ten towns that have delivered the strongest house price rises in the UK over the past year," said Halifax chief economist Martin Ellis.
"This partly reflects the more favourable housing affordability position in the country compared to the rest of the UK.
"Notably, all ten towns recording the strongest price rises over the past year had average house prices that were comfortably below the national average this time last year."
Seven of the towns in Halifax's top ten are in Northern Ireland, with Craigavon, Londonderry, Ballymena, Lisburn and Belfast all making the list, on top of Newry and Antrim.
Nelson in Lancashire, Kilmarnock in Ayrshire, and Oban in Argyle are the only places outside Northern Ireland in the top ten.
But while prices rose fastest in these places, average property values have risen in every region in the UK.
This means that now there is only one town in the UK where the average property value is less than £100,000 - Lochgelly in Fife.
Three years ago there were more than 100.
But while all house prices are up on last year, there are signs the market might be starting to cool.
In the last three months the average value of a property in Yorkshire and the Humber and the East Midlands both dropped 0.8 per cent.
Additionally, prices in London are not growing as fast as they were three months ago, suggesting the property boom brought about by big City bonuses is beginning to diminish.
But while signs of a slowdown are beginning to emerge, Halifax still believes the property market is in good shape.
"The market is underpinned by sound fundamentals," said Mr Ellis.
"A number of developments are nonetheless expected to constrain housing demand and moderate house price inflation over the coming months.
"Further substantial increases in utility bills and recent mortgage rate increases will put pressure on householders' finances, curbing housing demand."
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