Prices on UK City Property Rose by 65%

According to a market overview performed by Halifax, property in UK cities is more expensive than in the county they are in.

The conclusions are based on the analysis of 59 British cities, the results of which were compiled in the Halifax Cities Review published annually since 1983.

The house prices in British cities increased by 65% over the past 10 years. As such, in August 2001 an average property in UK was priced at 104 500 pounds; in August 2011 this figure already stood at almost 173 000 pounds.

As for property prices in the county, they also experienced an increase, yet, it was slightly less impressive and stood at 56%.

According to Halifax estimates, the most expensive properties can now be found in Westminster, London. They are priced at 570 000 pounds and up. The cheapest properties are in Salford, with prices starting at 105 000 pounds.

Commenting on the findings, Sure Thiru of Halifax said: “with the housing demand and supply imbalance that characterises the UK property market often more acute within our major urban conurbations, homes in cities across the country are typically trading at a marked premium over neighbouring areas.”