The latest Halifax property data has revealed that Luton recorded the biggest percentage rise in property prices among major UK towns and cities in 2016.
The average price in the Bedfordshire town was 19.4 per cent higher than in the previous year, increasing from £214,934 to £256,636 during 2016, more than two and a half times the 7.5 per cent average rise across the whole of the UK.
The second biggest rise in average house prices was in the London borough of Barking and Dagenham, where average house prices surged by 18.6 per cent.
Martin Ellis, housing economist at Halifax, said: “Most of the areas that have seen the biggest house price rises during 2016 are either within close commuting distance of the capital or in outer London. Demand in these areas has risen as substantial property price rises in central London over the last few years have caused increasing numbers of people to seek property in more affordable areas.
“A few towns have experienced price falls, with the biggest in Aberdeen, which is highly dependent on the North Sea oil and gas sector. The substantial fall in oil prices in the past couple of years has hit the industry hard with adverse impact on demand for homes in the area. Price declines elsewhere have been modest.”
In other news, also from Halifax, Winchester was named the UK’s best place to live, according to their 2016 Quality of Life Survey. The findings are based on residents' health and life expectancy, employment and earnings, and personal well-being.
The Orkney Islands took second place, followed by Wychavon in Worcestershire, Derbyshire Dales and Hambleton in North Yorkshire.
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