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 05 September 2008 07:30 BST

Welsh town experiences UK's 'largest house price increase'

Friday, 14 Mar 2008 16:47
Merthyr Tydfil records largest property price rise per square metre in UK

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Merthyr Tydfil has recorded the largest property price rise per square metre in the UK in the latest Halifax house price index.

Unlike the main index, the house price index per square metre is adjusted to consider differences in property size and type across different areas of the country.

According to the research, Merthyr Tydfil has seen an increase of 203 per cent in property prices per square metre - up to £1,331 in 2007 from £439 in 2002.

While the Welsh town was the cheapest town in the UK on this basis in 2002, it is now outside of the bottom ten – although prices significantly below the UK average of £2,158 per square metre.

Halifax finds Kensington & Chelsea has the most expensive property per square metre in the UK - at an average of £8,386.

Furthermore, the ten most expensive UK areas are all in Greater London.

However, it is Northern Ireland which has seen the strongest growth over the last five years.

Seven of the ten towns with the highest house price growth on a per square metre basis over the past five years are located in Northern Ireland, according to Halifax.

Craigavon has experienced the second largest gain in the UK (186 per cent) since 2002 followed by Ballymena (recording a 180 per cent rise).

Property prices in Northern Ireland have been boosted in recent times by a combination of a strong local economy, high levels of immigration and high demand for properties from second homebuyers and buy-to-let investors in the Republic of Ireland.

Wishaw in Lanarkshire has been identified as having the lowest average price (£1,128 per square metre) of all UK towns in 2007, while Peterlee in County Durham recorded the second lowest price (£1,135 per square metre).

Internationally, London, at £9,805 per square metre, is the most expensive city in 2008 for an upper end apartment.

This is 24 per cent more expensive than New York (£7,919) and 27 per cent more expensive than third placed Moscow (£7,720 per cent).

Cities in Europe and Asia dominate the most expensive cities, accounting for nine of the ten most costly cities.End of story


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