House prices in North outperforming UK

House prices in cities in the North have more than doubled during the past five years, outperforming growth in the rest of the UK, figures showed today.

House prices in cities in the North have more than doubled during the past five years, outperforming growth in the rest of the UK, figures showed today.

This compares to an average decine of 3.6% in national house prices in the Republic since the beginning of the year.

Armagh has recorded the biggest increase in property prices of any UK city since September 2002, with the cost of a home there soaring by 188%, according to Halifax Estate Agents.

Newry and Lisburn have been the second and third best performing cities with house prices rising by 157% and 152% respectively, while Derry saw the fourth biggest jump of 132%.

Overall, house prices in British cities have risen by 78% during the past five years, compared with a 76% increase across the UK as a whole, although only 30 of Britain’s 66 cities have outperformed the UK average.

Halifax said smaller cities had generally performed better than larger ones, with nine out of the top 10 cities that saw the biggest gains having populations of less than 300,000.

House prices have more than doubled in 18 cities during the past five years.

The group added that places that have been given city status since 2000 have generally seen higher house price growth.

Cardiff has seen the smallest increase in house prices of any city since September 2002, with prices there rising by only 41% during the past five years.

Westminster in London is the UK’s most expensive city, with the average home there costing £601,821 (€867,008), while Winchester is the most expensive city outside London, with homes averaging £379,643 (€546,933).

Martin Ellis, chief economist at Halifax Estate Agents, said: “House prices in cities tend to be higher than the average price in their region.

“The attraction of shopping and leisure facilities, as well as a short commute for workers, means that there will always be demand to live in cities.

“Many cities have also benefited from urban regeneration programmes that have seen the wide-scale re-development of old industrial areas and canalside warehouses into residential properties.”

More in this section

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up
Home Delivery
logo-ie

HOME DELIVERY SERVICE

Have the Irish Examiner delivered to your door. No delivery charge. Just pay the cover price.