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Bristol is top performing city in 2007

Wednesday, 19 December 2007 12:00 AM

Bristol is the top performing city for property in the UK, according to Email4Property.co.uk.

Over 2007 the city, the UK's ninth biggest with a population of around 500,000, saw average prices increase by 9.2 per cent - more than any other location.

The average property price in Bristol increased from £186,944 in 2006 to £204,374 in 2007, says the organisation, which operates the largest network of local estate agent websites in the UK.

The figures are all the more surprising given the rollercoaster ride property prices across the country have experienced over the last 12 months.

The credit crunch has forced banks and building societies to tighten lending criteria for new mortgages, while interest rates have been rising and home information packs (Hips) were introduced to the market.

All of these factors have contributed to a moderation in prices in some areas, bringing to an end a period of unprecedented growth.

"While seasoned investors will end the year relatively unscathed, new investors may find mortgages in short supply and larger deposits required," said David Bexon, managing director of Email4Property.

"If uncertainty brings greater research or more careful borrowing, before buying a property, this can only benefit the housing market over the next few years."

Other cities have also recorded strong growth over the course of 2007.

For example prices in Manchester have increased from an average of £173,544 in 2006 to £184,494 in 2007 - an increase of 6.3 per cent.

Liverpool also witnessed an increase of four per cent, up from £176,270 in 2006 to £183,473 today.

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