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Daily Mirror

Five areas with the biggest house price hikes - and the five cheapest too

House prices are rising across the country, but some areas are seeing steeper hikes than others.

For example, rural areas have seen the largest increases, according to the Nationwide building society.

Countryside homes have gone up 29% in value on average over the past five years, compared to 18% in towns and cities.

Some regions saw greater price hikes too.

The area with the fastest house price growth was North Devon, at 24%.

Nationwide senior economist Andrew Harvey said: "Our latest analysis suggests that average house price growth in local authorities classified as predominantly rural has outpaced that of other areas, particularly in the last couple of years.

"It is notable that the list features a number of areas closely associated with tourism, including parts of Devon, South Wales, the Cotswolds and the Broads.

"This suggests some of the demand may be being driven by those buying holiday or second homes."

The so-called "race for space" could also be behind house prices increases in the countryside, experts said.

This phenomenon sees would-be homeowners turn increasingly to rural homes with more space, which increased in popularity during pandemic lockdowns.

These are the five regions with the biggest house price spikes, as well as the areas with the lowest prices overall.

Areas with the biggest house price rises

North Devon

  • Average property price: £326,848
  • 24% rise in last five years

South Hams

  • Average property price: £420,851
  • 22% rise in last five years

Rushcliffe

  • Average property price: £355,398
  • 22% rise in last five years

Ceredigion

  • Average property price: £244,619
  • 21% rise in last five years

Camden

  • Average property price: £947,511
  • 20% rise in last five years

Regions with the biggest property prices

County Durham

  • Average property price: £119,566
  • 9% rise in past five years
  • Hyndburn

    • Average property price: £120,038
    • Despite a 17% rise

    Sunderland

    • Average property price: £137,274
    • Despite a 13% increase

    Eilean Siar

    • Average property price: £144,755
    • Despite a 19% rise

    Fife

    • Average property price: £166,870
    • Despite a 16% rise

    The UK property market is creating new records every month in terms of growing house prices, whilst the country grapples with a crippling economic crisis.

    According to the latest House Price Index report by mortgage lender Halifax, the average UK house prices rose again in March , registering a monthly increase of 1.4%, or £3,860 in cash terms - the biggest jump since September last year.

    Halifax says the average UK property has increased in value by £28,113 in the past 12 months. The year-on-year rise is on a par with average annual UK earnings of £28,860 before tax.

    Since March 2020 - two years on from the first lockdown - house prices have increased by an eye-watering £43,577.

    Russell Galley, managing director at Halifax, said: “The story behind such strong house price inflation remains unchanged: limited supply and strong demand, despite the prospect of increasing pressure on households’ finances.

    “Although there is some recent evidence of more homes coming onto the market, the fundamental issue remains that too many buyers are chasing too few properties.”