HOUSE prices in the Southampton postcode are increasing faster than the national average, it has been revealed.

New Alresford was the most expensive place to buy a home, according to statistics released by Settled estate agents.

The average price of a property was £806,400 in 2016 - six times what it was in the same area in 1995, when it was £121,686. This is an average annual increase of 9.46%.

Winchester was the second expensive place on the list, with the average cost of a home being £494,062.

Lymington was next with £446,433, followed by Chandler's Ford with £420,958, Warsash with £359,111, Eastleigh with £301,624 and Totton with £317,863.

In 1995, the average cost of a house in Winchester was £120,020, £90,740 in Lymington, £84,638 in Chandler's Ford, £73,647 in Warsash, £59,805 in Eastleigh and £63,057 in Totton.

Midanbury was at the opposite end of the scale and was found to be the cheapest place to buy a home with a Southampton postcode in 2016.

The average price of a home there was £248,679 last year, followed by North Baddesley with £261,429 and Hythe with £295,591.

In 1995 the average house price in Midanbury was £51,662, £58,927 in North Baddesley and £66,828 in Hythe.

Between 1995 and 2016 the average property value in the city grew by an average of 7.03% each year, with New Alresford having the largest average increase of 9.42% annually.

According to the statistics, average house prices in Southampton as a whole have increased by more than the national average of 6.75% each year.

The research comes after the release of an online property portal calculator that allows homeowners to estimate the value of what their home might be in the future.

Councillor Warwick Payne, responsible for housing at Southampton City Council, said the city was building new homes all the time but there were several reasons why property prices were rising.

He added Southampton’s economy was becoming stronger and more jobs were being created, which also attracted more people to the city and its neighbouring districts.

Cllr Payne said they had two thriving universities and a large student population as well as soaring property prices in more affluent districts in Hampshire such as Winchester and the New Forest - which was displacing some people on limited incomes into Southampton where prices were lower, though still far from cheap.

"Rising property prices may be comforting for those that own their home, and particularly if they own additional ones, but it’s little comfort for those trying, and in many cases, failing to make it onto the property ladder.

"If the government wants to increase home ownership, the figures in Southampton will not make comfortable reading on that score, and Westminster needs to focus more time, energy and resource into the housing sector."