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Truro named at head of UK property growth

Tue, 23 May 2006
In the last decade house prices per square metre have risen faster in the Cornish capital of Truro than in any other UK city .

Research from Halifax Estate Agents finds that in Truro the cost per square metre of property has increased 262 per cent, from £518 per square metre in 1996 to £1,876 in 2006.

After Truro, the fastest rising prices were in Brighton (260 per cent increase) and Salford (255 per cent increase).

Their place at the head of the list is indicative of a trend that has seen house prices rise most in smaller cities, with eight of the top ten recording a population of less than 250,000.

London was in fourth place having seen price rises of 252 per cent during the last ten years, according to the survey by Halifax Estate Agents .

The price gap between London and other UK cities has widened during the past decade.

In 1996 the price of property per square metre in London was only 0.3 per cent higher than the second most expensive city of St Albans and 172 per cent higher than the least expensive city of Armagh.

In Truro, despite the massive price rises, the average house price per square metre is £1,876.

Northern Ireland's Armagh is the least expensive city in the UK. With an average price of £1,009 psm it is possible to buy a property here that costs the same but is more than three times the size of one in London .

Martin Ellis, Chief Economist at Halifax Estate Agents, said,"Smaller cities, with an average population of less than 250,000, like Truro, Brighton and Bath have generally recorded the largest increases in average house prices per square metre over the past ten years. This highlights that many households want the conveniences of city living, such as good shopping, transport links and easy commuting whilst living in attractive surroundings."

Mr Ellis explained that measuring house prices on a psm basis was a practical way to gauge property value because it takes into account both regional differences and property size.

He concluded,"House price per square metre is a useful measure for house price comparison because it helps to adjust for differences in the size and type of properties between locations. This is a helpful descripton to be used alongside other more established house price comparators."
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