House prices top £100k in every town in the UK
Every single town in the UK now has an average house price of £100,000 for the first time in the country’s history, according to Halifax.
The cheapest town is Lochgelly in Fife, where the average property costs £104,738.
The average for the country as a whole passed £200,000 for the first time in February this year, with a North-South divide opening up again, as prices in London rose 14.9% over the past year.
However, the fastest rising place was Northern Ireland, where prices have risen by 76% since the start of 2005. The 10 towns that have seen the biggest price hikes in the last 12 months are all in the province.
“Northern Ireland is reaping the benefits of the peace dividend and catching up on the decade of growth that other parts of the UK have seen,” said Graham Stevens, who is from Enniskillen in County Fermanagh, a town that has seen particularly strong growth.
Buy-to-let investors and second home buyers from the newly affluent Republic have also added to the potent mix of factors fuelling the increases.
“We expect the higher level of interest rates, negative real earnings growth and above-average inflation council tax bill increases to lead to slower house price growth over the coming months,” said Martin Ellis, Halifax chief economist.