Employment hotspots rocket house prices
Homeowners in areas with the greatest falls in unemployment have seen prices climb in some cases by over three times the national average.
In the Shetland Islands the average house price has more than doubled (104%) in the past decade to £153,782, followed by Hackney (84%), Southwark, Western Isles (both 78%), Lambeth (76%) and Tower Hamlets (72%).
All of those areas have seen their unemployment rate fall by between 1.1% and 1.8% since 2004.
Nitesh Patel, housing economist at Lloyds Bank, said: “In general, house price growth over the past decade has been stronger in the areas that have seen the biggest falls in the unemployment rate as measured by the claimant count.
“Areas in northern Scotland and inner London have generally outperformed other areas on both house price performance and a lower unemployment rate.”
At the other end of the spectrum, the top ten areas with the highest rise in the unemployment rate have seen house prices climb by just £21,000 since March 2004.
In Lisburn in Northern Ireland for example there has been a 2.1% increase in unemployment levels over the decade, as house prices increase by just 5% to £121,310.
The trend for employment boosting house prices has continued since March 2013, with prices rising in Middlesbrough (12%), Hull (11%), Barking and Dagenham, Peterborough and Oldham (all 10%) where the claimant count unemployment rate has fallen by 2% on average.
UK property prices have grown by 22% to £199,039 over the past decade.