Lochgelly top property hotspot

Monday, 31 December 2007 12:00 AM

The Scottish town of Lochgelly is the number one property investment location in the UK, new research on the top property hotspots for 2008 has revealed.

Scotland leads the UK's top places to invest in property, taking four of the top five places that will see the highest house price inflation in 2008 according to predictions from Halifax Estate Agents.

Along with Lochgelly, which has an average house price of (£118,838), the Scottish towns of Paisley (average price £140,338), Greenock (average price £140,512) and the city of Aberdeen (average price £202,755) are set to outperform the rest of the property market next year.

In fifth place is the London Borough of Hackney, which has an average property price of £361,179, making it the priciest location to invest in the top ten.

"Some areas will continue to be in high demand next year with property prices rising accordingly despite the expected subdued outlook across the market as a whole," commented Colin Kemp, managing director of Halifax Estate Agents.

"Those areas that are likely to record the biggest price gains will tend to be those with a combination of good transport links to a major conurbation and relatively low average prices. A number of areas will see a boost to prices as a result of significant infrastructure projects."

Also getting the estate agent's attention in England are Chatham and other Medway towns in Kent "boosted by the planned opening of high-speed commuter services from central London to north and east Kent in late 2009".

Halifax added: "Dartford and the surrounding areas in Kent will also see a boost to its property market as a result of the recent opening of Ebbsfleet international railway station."

Further north, Liverpool's European Capital of Culture 2008 status will see house prices go up in the city thanks to increased investment.

Areas of Wales are also set to see property values rise faster than the national average.

Halifax explained: "Monmouthshire is expected to record above average price rises as demand is boosted by an increase in second home-buyers who are finding it increasingly difficult to find affordable property in the Cotswolds.

"The area has good motorway links to major population centres and offers a mixture of good facilities and attractive countryside. Newport and Pontypool are predicted to record relatively high house price growth in 2008."

However, across the rest of the country the estate agent believes house prices will stay level in 2008, with "worsening affordability and weakening economies" resulting in prices get cheaper in northern England and the Midlands.

Halifax's top ten property hotspots for 2008

1 - Lochgelly, Scotland
2 - Paisley, Scotland
3 - Greenock, Scotland
4 - Aberdeen, Scotland
5 - Hackney, London
6 - Chatham, south-east
7 - Dartford, south-east
8 - Liverpool, north-west
9 - Newport, Wales
10 - Pontypool, Wales

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• uk property news