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And 2015’s house price hotspot is…..

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
27/12/2015

Newham in London is the UK’s top house price performer in 2015

Newham in London saw prices rise faster than anywhere else in the UK during 2015, according to the latest research by Halifax.

The London borough recorded the biggest percentage rise – 22% –  in house prices among major UK towns and cities over the past year, with average property values increasing from £261,399 to £319,522 in 2015. This was nearly double the 12% increase seen across London as a whole.

Royston in Hertfordshire claimed second place in the house price hotspot league, with a 19% rise in average house prices.

In fact, all of this year’s top 10 property price locations are situated in London and the South East.

Best of the rest

Outside of the region, Stroud in Gloucestershire, Wellingborough in Northamptonshire, and Solihull in the West Midlands were the top performers, recording price rises of between 14%-15% over the past year.

At the other end of the scale a few towns saw small drops in property values. Worst of the lot was Merthyr Tydfil in south Wales where prices fell by 3.8%, followed by Colwyn Bay in north Wales (-2.3%), Durham (-2.1%), and Coalville in Leicestershire (-0.5%).

Martin Ellis, housing economist at Halifax, commented: “Those areas that have seen the biggest house price increases over the past year are either in outer London or within close commuting distance of the capital. Demand in these areas has risen as rapid house price rises in central London in the past few years have caused increasing numbers of people to look for property in more affordable areas.

“A few towns have experienced modest price falls. These areas are typically still suffering from relatively weak employment and economic conditions, which has dampened local housing demand.”