20 things

20 things about county house prices

22 April 2006

• The Halifax County House Price Survey of the UK has revealed Cornwall has recorded the biggest house price rises over the past 10 years, with a 268 per cent gain in the average price, from £53,081 in 1996, to £195,388 in quarter one of 2006.
• The survey into county house prices indicated Western Britain leads the way with house price gains, with 18 of the 20 counties with the strongest increase in prices situated in Western Britain.
• 13 of the counties with the strongest house price gains were in Wales, with a further four in the South. West Shropshire, the Isle of Wight and East Sussex also figured in the list of the top 20 counties with the highest property price increases.
• The Welsh regions of Anglesey, Ceredigion, Carmarthenshire, Caerphilly and Powys all recorded high price hikes, with Anglesey recording price gains of 252 per cent and Ceredigion seeing house price rises of around 244 per cent.
• On the other end of the scale, Aberdeenshire and Dundee City both recorded the lowest average house price gains, with rises of 103 per cent, while Argyll and Bute, and Renfrewshire both recorded average house price gains of 104 per cent.
• The Halifax survey indicated that the average house price had at least trebled in almost one in three counties (28), over the past decade, with prices at least doubling over the past 10 years in all 102 counties analysed.
• Surrey kept its title as the most expensive county in the UK, with a current average price of £298,835. However, it has remained outside of the top 20 in terms of house price growth since 1996.
• Surrey, Hertfordshire, Berkshire and Buckinghamshire retained their title as the four most expensive counties in the UK in 1996, and 2006.
• The study showed nine of the top 10 most expensive counties were in the South East, with average house prices exceeding £200,000 for these regions.
• The report from 1996 showed no county had an average house price above £100,000 compared to 2006’s figures revealing only Bleanau Gwent has an average house price below £100,000, at £92,718. 10 counties currently have average house prices in excess of £200,000.
• The 1996 study showed 32 counties had an average house price below £50,000.
• The Halifax County House Price Survey of the UK revealed the average house price in the most expensive county (Surrey) is 3.2 times that in the least expensive counties, Aberdeenshire and Dundee City, the same as in 1996. However the gap between top and bottom figures has increased from £67,682 in 1996 to £206,117 in 2006. This is an increase of 138 per cent, taking into account retail price inflation.
• The most expensive areas outside Southern England are Monmouthshire, at £198,030, East Renfrewshire, with average house prices of £192,075, Herefordshire, £190,588 and North Yorkshire, recording average house prices of £185,048.
• Eight out of the 10 least expensive counties were in Scotland, with a further two in Wales. This is a change from 1996’s figures, where the five least expensive counties were in Wales, with a further three in Northern Ireland. The North (County Durham) and South Humberside were also included in the 10 least expensive areas of 1996.
• Commenting on the findings, Martin Ellis, chief economist at the Halifax, said: “The last 10 years have clearly been the ‘Decade of the West’ with areas in Wales and the South West of England recording the strongest house price gains since 1996. Both parts of the UK are popular areas for people seeking to relocate and for those looking for a holiday home. These factors, combined with more affordable property than that available in the South East, have contributed to the substantial house price gains seen over the last 10 years.”
• Ellis added: “Despite the West’s strong performance, property prices remain the highest in the South East with little change amongst those counties with the most expensive property since 1996.”
• The Halifax County House Price Survey of the UK is compiled from the Halifax housing statistics database.

For the purpose of the study, the unitary authorities of Scotland and Wales are referred to as counties.

The average price of houses calculations used is crude averages on properties on which a mortgage offer has been granted.

The figures used in the Halifax County House Price Survey of the UK refer to calendar year averages.