January 26, 2013 12:01 am

City house prices outperform their region

The majority of cities in the UK have seen house prices rise by more than their region over the past decade, according to new data.

Average house prices in Stoke-on-Trent recorded the biggest outperformance, with values outperforming those in the West Midlands by 34 per cent.

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According to the Halifax Cities Review, which tracks house price movements, 41 of the 61 cities surveyed outperformed their region in terms of house price growth since 2002.

Aberdeen, St Albans, Bradford and Salisbury are among the other cities to have recorded the biggest price growth compared to their regions.

Housing values in cities have also risen by more than the UK average over the past ten years. City property values have risen by an average of 38 per cent from £125,276 in 2002 to £173,322 in 2012, compared to 29 per cent across the UK.

City house prices have also fared slightly better than the UK average since the peak of the housing market, with values down by an average of 17 per cent since 2007 compared to a 23 per cent decline across the UK.

The Scottish cities of Aberdeen and Inverness recorded the biggest price rises over the past ten years, rising by 94 per cent and 81 per cent respectively. In comparison, the Northern Irish cities of Lisburn and Belfast have seen the smallest price rises of just 2 per cent and 3 per cent.

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