Top ten fastest rising property hotspots revealed

Monday, 23 April 2007 12:00 AM

The top ten fastest rising property hotspots are all in Northern Ireland, research out today from Halifax reveals.

In its regional house price survey looking at 489 UK towns, the bank finds the largest growth in house prices was in the towns of Craigavon and Newtownards, which saw property values up 55 per cent in a year.

The average price of a Craigavon property over the first three months of 2006 was £118,551. This figure now stands at £183,795 for 2007.

In Newtownards average prices have risen from £127,590 to £197,134 over the same period.

The survey also reveals the cheapest town to buy a home in the UK - Lochgelly in Fife - where house prices have reached an average of £104,738.

In England, the Halifax research shows a north-south divide emerging, prices rises accelerating in south-east, south-west and London and price rises slowing in northern England.

"House prices continue to rise in a tight market but there are emerging signs that pressure on householders' finances, partly due to the rise in interest rates since last August, is dampening housing demand," commented Martin Ellis, Halifax chief economist.

"Overall, house prices increased by 2.8 per cent in 2007 quarter one, well below the 4.2 per cent rise in 2006 quarter four. There is also evidence of reduced market activity.

"We expect the higher level of interest rates, negative real earnings growth and above inflation council tax bill increases to lead to slower house price growth over the coming months.

"Sound economic fundamentals and an ongoing shortage of housing supply will, however, continue to support house prices."

Top ten fastest rising UK property hotspots

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