UK Property Market

The city of Brighton Leads UK’s property price list with a 280 per cent gain since 1996, according to a study by Halifax.

The following positions in the top three are held by Truro In Cornwall, with a 270 per cent rise since 1996, and London, with 254 per cent. With £3,883 per square metre, London Homes remain the most expensive in UK, while Oxford At £3,010 and St Albans At £2,903 follow at close distance.

Northern Ireland, which has seen overall rises of more than 40 per cent last year, has cities such as Armagh, where property has gained 231 per cent since 1996. This ranks as the country’s sixth biggest rise, followed by Belfast With 229 per cent.

Halifax Chief economist Martin Ellis underlines that at 280 per cent, Brighton Has witnessed the fastest growth in price per square metre. From £673 in 1996, properties in the seaside city cost now £2,559 per square metre.

While ten years ago London came in second after St Albans in the list of UK’s most expensive cities, the capital ranks now at number one with its average £3,883 per square metre.

The capitals of Wales, Scotland And Northern Ireland Are also the most expensive cities in these regions. The Halifax Research shows that in 2006 the average property in Cardiff Came at £1,777 per square metre, in Edinburgh At £2,218, and in Belfast At £1,720.

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According to surveys, the cost of new homes went down by 3.4 percent last year.

The average price of a newly build property decreased by almost £10,000 last year, falling from £264,709 in March 2006 to £255,695 in March 2007, according to SmartNewHomes.Com.

This trend continued in the past three months, as the market witnessed a two percent drop in new-build homes’ prices.Experts claim that prices fell as a consequence of new developments in the north, where properties are sold for far less money.

In spite of this, detached new properties saw a price rise of 1.3 percent in March, reaching £317,424.Semi-detached newly build houses fell by 0.5 percent, and a drop was also registered in the prices of penthouses. SmartNewHomes stated that this fall, however, does not suggest a sharp drop like the one in 2006, but it can be linked to a positive reaction from the market.

In contrast, buyers are willing to pay more for a new home – this confidence will lead to a rise in new-build homes prices, the company followed. Regionally, new property in south-west increased by 3.7 per cent, while in

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