House prices in regions catching up

House prices outside the south-east have been closing the price gap over the past decade, Halifax has said.

The bank's survey of house prices by county has found that most of the best-performing locations have been in areas where prices have traditionally been lower.

Armagh, Tyrone and Antrim in Northern Ireland saw the greatest price increases, with Armagh recording a 331 per cent rise between 1997 and 2007.

These were followed by Camarthenshire in Wales, while Cornwall came top in England and the fastest rises in Scotland were in the Highlands region.

Halifax chief economist Martin Ellis reflected on the geographical trend, stating: "The counties recording the best house price performance over the past ten years have mainly been outside southern England."

Those living in such areas may find that the affordability of house prices has declined substantially, making the self build option more attractive.

In Scotland, prices are catching up with Halifax's own figures published last month showing that in the final quarter of 2007 prices rose by 2.4 per cent there, more than any other UK region.


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