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Northern house prices 'rose most'
11:01am Wednesday 27th January 2010
© Press Association 2010
Northern regions of the UK have seen the strongest house price growth during the past decade, research has shown.
The average cost of a home in Yorkshire and Humber soared by 130% during the noughties, jumping from £55,574 in 1999 to £127,852 at the end of last year, according to Halifax.
The North and North West also saw strong growth of 120% and 112% respectively during the period, while in Wales house prices increased by 122% to an average of £137,316.
At the other end of the scale, price growth was slowest in London during the decade, with the average cost of a property rising by 80% to £255,473, followed by the South East at 85%.
The average cost of a home in Scotland rose by 94% during the 10 years while in Northern Ireland prices ended the decade 99% higher than they started it.
Redruth in Cornwall saw the biggest price jump at 207%, followed by Penzance, also in Cornwall, at 188% and Ramsgate in Kent at 181%.
The cost of the average home in the 10 best-performing towns rose by at least 160% between the end of 1999 and the end of 2009.
Across all regions of the UK, house prices rose by an average of 105% during the 10 years, the biggest increase in real terms seen during any decade in the past 50 years.
Despite property losing a fifth of its value between mid-2007 and mid-2009, the average house price still rose from £81,596 during the final quarter of 1999 to £167,020 in the three months to the end of December 2009.
Martin Ellis, housing economist at Halifax, said: "The majority of towns that experienced the strongest price growth began the decade with lower than average property prices, which provided the platform for bigger price gains."