Every town has average house price above £100k
April 24, 2007 by admin
Filed under News, News-Mortgages
The latest proof that house prices in the UK are less affordable than ever before has been provided by Halifax.
The bank’s House Price Index shows that for the first time ever, the average house price in every UK town is above £100,000.
At the end of 2006 the average price in Lochgelly, Fife, was below this threshold but the latest figures put the average home in the region at £104,738.
Despite this, the town remains the cheapest in the UK, however, the same cannot be said for towns in Northern Ireland.
The province completely dominates the top ten biggest house price increases of the last 12 months, with the average price sitting at £206,495.
It has been a rapid rise for Northern Ireland to being the fourth most expensive part of the UK from being the second cheapest just two years ago.
Despite the rising prices throughout the UK, Halifax bank remains confident that we will soon see the market slowing.
“Overall, [UK] house prices increased by 2.8 per cent in 2007 Q1, well below the 4.2 per cent rise in 2006 Q4,” said Martin Ellis, Halifax’s chief economist. “There is also evidence of reduced market activity.
“We expect the higher level of interest rates, negative real earnings growth and above inflation council tax bill increases to lead to slower house price growth over the coming months.”
