The Cornish market town of Redruth – specifically the TR16 6ER postcode – has seen the largest increase in house prices across the UK over the past year. Homes there have gone up in value by 21.12%, taking the average price to £305,734, said Money.co.uk.

The price comparison site said this is still slightly lower than the UK average house price of £315,059.

Newquay takes second place as house prices in the TR7 1NG postcode rose 16.43% in value in the last year. The average house price there has increased to £445,451 – 41.39% above the UK average.

Much of the top 10 was dominated by Preston, which saw house prices soar in the last year.

Highest risers

1. TR16 6ER, Redruth, 21.12%

2. TR7 1NG, Newquay, 16.43%

3. BL1 6HT, Bolton, 13.60%

4. PR1 2ED, Preston, 13.46%

5. PR1 5SY, Preston, 13.46%

6. PR1 2ES, Preston, 13.46%

7. PR1 3ST, Preston, 13.46%

8. EX2 5EX, Exeter, 13.27%

9. DE5 3RT, Ripley, 13.15%

10. PR3 3NS, Preston, 13.07%

Bargain property postcodes

The comparison site also looked at the cheapest UK postcodes and found that homes in Peterlee, County Durham, are the cheapest in the UK, with the average home selling for only £41,462 – 86.84% less than the UK average.

Houses in KA1 5ER, Kilmarnock, Scotland also could see you make some huge savings, with homes costing a £51,044 on average, while St Helens, between Liverpool and Manchester came third. The WA9 1NG postcode costs an average of £63,842, making it 79.74% cheaper than the average UK property while offering great transport links to bigger, metropolitan neighbouring cities.

Cheapest property postcodes

1. AL1 5HA, Peterlee, £41,462

2. KA1 5ER, Kilmarnock, £51,044

3. WA9 1NG, St. Helens, £63,842

4. HU6 9ED, Hull, £66,244

5. HU8 8UB, Hull, £69,687

6. L4 5TS, Liverpool, £70,111

7. SA5 5ED, Swansea, £76,572

8. L35 5EN, Prescot, £78,025

9. L4 1RS, Liverpool, £78,747

10. CH41 5ES, Birkenhead, £81,527