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Southampton sees some of smallest house price rises
2:00pm Sunday 27th January 2013 in News
SOUTHAMPTON has seen some of the smallest house price increases in the country over the last ten years compared to other cities, figures have revealed.
The cost of a home in the city has risen by an average of just 16 per cent since 2002 - up from £160,266 to £186,621.
Meanwhile home owners in the northern cities of Bradford and Hull can expect to sell their homes making profits of 77 per cent and 68 per cent respectively.
Portsmouth was also named in the bottom ten in the country for sale price increases over the last decade at just 25 per cent meaning the cost of an average home has gone up £31,099.
The two Hampshire cities joined Oxford, Belfast, Ely, Worcester, Londonderry, Chelmsford and Peterborough in the bottom ten, with the lowest increase of just two per cent recorded in Lisburn, Northern Ireland.
Aberdeen in Scotland recorded the highest price increase - up a whopping 94 per cent in ten years.
Meanwhile Winchester outperformed the regional average of 21 per cent by recording a 41 per cent increase in sale costs.
Buyers can expect to pay an average of £339,053 - up nearly £100,000 on 2002 prices.
The figures, part of the Halifax Cities Review, showed sale prices for city properties have increased by 38 per cent over the last ten years reflecting a demand for urban living.
But since the housing market crash of 2007, city homes have seen a 17 per cent price cut, beating the rest of the UK which has seen prices fall by 23 per cent.
The statistics show towns awarded city status by the Queen to mark the millennium, the Golden Jubilee and the Diamond Jubilee have also outperformed the country as a whole.
Martin Ellis, housing economist at Halifax, said: ''There is certainly an increasing demand for urban living. There are more jobs and it is more convenient.
“Whether it is something that will be sustained remains to be seen.''