20 Jun

Value of houses for sale in London boosted by local economy

Value of houses for sale in London boosted by local economy

Property for sale in London has benefited from rising house prices due to the city's vibrant economy, it has been revealed.

Property values in the top ten performing economic locations saw values increase by over than a third more than the national average price rise, according to the Halifax.

The bank's research has revealed that cities such as Edinburgh, Liverpool, London and Belfast have enjoyed a higher price increase than areas with lesser economic activity.

Prices in inner east London were found to have more than doubled to an average of £248,667 between 1998 and 2008.

Although some regions have seen house prices fall in that ten year period, the four local areas with the smallest declines were found to be in the south of England.

Houses for sale in Brighton and Hove, along with properties in Wiltshire, Hampshire and Southampton all saw price falls of 10 per cent or less.

Suren Thiru, housing economist at Halifax, says booming economic activity in certain areas has resulted in rising values in those areas.

She added: "The general outperformance of the housing market in southern England appears to reflect the stronger economic performance of these regions."ADNFCR-1222-ID-800585303-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.