Brighton sees highest house price growth
April 20, 2007 by admin
Filed under News, News-Mortgages
People looking to get a mortgage on a house in Brighton had better act fast as the city has seen the largest house price growth in the UK.
Figures released by Halifax show that over the last ten years Brighton has experienced the highest growth in prices per square metre.
It now costs an average £2,559 to own a square metre in the area, an increase of 280 per cent compared to 1996.
Cornwall also saw huge growth, with prices growing by 270 per cent in ten years, while London is ranked as the region with the third fastest growing prices with an increase of 254 per cent.
All of this is bad news for first-time buyers who are struggling to get onto the property ladder but experts are warning that people should not be put off by price increases and should concentrate on actual prices.
“London is the most expensive city in the UK, with an average price of £3,883 per square metre, although ten years ago the capital was ranked second behind St Albans,” commented Martin Ellis, chief economist at Halifax.
“Armagh in Northern Ireland is among the cities with the lowest price per square metre, but it has experienced the sixth-largest increase over the past ten years.”
A recent report suggested that it is nearly twice as hard for first-time buyers to get onto the property ladder as it was ten years ago.
