'Record house prices' in UK cities

Posted: 03 Oct 2011 12:40:53 GMT

The last ten years have seen city house prices increase by £131 a week.

House prices in the UK's major cities have reached a record high, new research has shown.

Carried out by Halifax, the study revealed the costs involved for purchasing property in these urban conurbations are the greatest seen since the organisation started keeping track of these valuations.

According to the figures, the typical price to pay for city accommodation is seven per cent - or £14,462 - higher than the county average.

Indeed, 56 per cent of the cities considered have steeper sums than this amount, with seven of the ten metropolis' with the most sizeable premiums being located in the south.

The biggest of these is Winchester, with dwellings trading at 77 per cent above the average home value in Hampshire, with Westminster and Lichfield in Staffordshire close behind.

Furthermore, the past decade has seen the typical price of an abode in urban centres jump by 65 per cent, rising from £104,681 in August 2001 to £172,917 in August 2011.

This is the equivalent of a weekly hike of £131, while house prices across the nation as a whole elevated by 56 per cent over the time spell.

Indeed, the most marked rise was clocked at Inverness, which has seen a 148 per cent escalation in such costs over the last ten years.

Suren Thiru, housing economist at Halifax - which is a division of the Bank of Scotland - said: "With the housing demand and supply imbalance that characterises the UK property market often more acute within our major urban conurbations, homes in cities across the country are typically trading at a marked premium over neighbouring areas."

The industry figure went on to point out such levels are "supported by demand from those looking to gain from the economic and lifestyle benefits often associated with residing in major urban areas".
 

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