North sees large house price hikes
Homeowners in the North were 2006's biggest property winners with towns in the region seeing the largest house price hikes when compared with those across the UK, research showed today.
The top 10 towns delivering the biggest price increases during the year are all located in the North.
Topping the list - compiled by Halifax Estate Agents - is Newry, where the average price jumped from £128,495 (€192,000) in 2005 to £198,465 (€296,000) in 2006, an increase of 54% in 12 months.
The rapid rise in house prices in Northern Ireland is in part a reflection of a strong employment market and high levels of immigration, according to Halifax.
In addition, the end of the Troubles, coupled with historically low prices, has attracted homebuyers to the region.
Increases across the UK have now left only one town with an average house price of less than £100,000 (€149,000), according to the report.
Buyers in Lochgelly in Fife can expect a typical home to cost just under £97,000 (€145,000). But with annual house price inflation in Scotland currently running at more than 10% it could soon join the rest of the UK above the £100,000 (€149,000) mark.
Research also revealed that there has been a significant increase in the number of towns where the average price now tops £200,000 (€298,000), with more than one in three towns now above the benchmark.
