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Property prices treble in ten years in hotspots

Monday, 20 June 2011 2:50 PM

House prices in the quickest-growing locations in the UK rose by almost £150,000 in the decade to 2008, according to new research issued today.

Based on its own data, the Halifax reported that average house prices in the ten areas that recorded the biggest rise in economic activity in the UK between 1998 and 2008 rose by 219 per cent, or £146,984.

In those places – which include areas in London, Belfast, Cambridgeshire, Edinburgh, Cornwall, Glasgow and Liverpool – prices rose from an average of £67,178 in 1998 to £214,162 in 2008.

The increase in the average UK house price was more than a third higher (34 per cent) than the £109,413 (195 per cent) increase in house prices in the ten areas with the smallest rises in economic activity, such as Coventry and Blackpool.

However, the average house price in the ten areas with the highest levels of economic activity in 2008 was 61 per cent (£100,468) higher than the average in the ten locations with the lowest levels of activity.

Suren Thiru, housing economist at Halifax, said: "Unsurprisingly, house price growth over the past decade has been stronger in the areas that have seen the biggest increases in economic activity.

“The North-South divide that has opened up recently with the general out-performance of the housing market in southern England appears to reflect the stronger economic performance of these regions."

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