Cornish property values top national league
Property in the Cornish town of Redruth has seen the highest national price rise during the last decade, according to Halifax.
The average property price in Redruth rocketed 207% to £182,173 in the 10 years to December 2009, with property in neighbouring Penzance close behind, up 188% to £204,470. Ramsgate is ranked third in Halifax’s table of towns to have experienced the 10 biggest house price gains in the last decade, out today. Prices in the Kent town increased 181% to £168,300.
Meanwhile, property in Great Yarmouth in Norfolk and Southend-on-Sea in Essex has experienced the smallest increase, with the average prices up 161% to £144,587 and 160% to £201,190 respectively.
In terms of region, property in Yorkshire & Humber has experienced the highest rise, with the average price up 130% to £127,852. Conversely, property in Greater London has seen the smallest increase, with the average price up just 80% to £255,473 in the last 10 years.
The average price across the UK as a whole increased 105% to £167,020.
Martin Ellis, housing economist for Halifax, says: "The noughties was a significant decade for house prices. Overall, prices increased considerably despite the marked decline towards the end of the decade. This contrasted sharply with the 1990s when prices rose only modestly in monetary terms and actually fell once retail price inflation is taken into account."
He adds: "The majority of towns that experienced the strongest price growth began the decade with lower than average property prices, which provided the platform for bigger price gains. Seaside towns fared particularly well as the attraction of having a home on the coast helped to boost demand."
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