Online House Hunter: The UK’s hottest hot-spots
THE rich get richer and the poor get poorer – or as my old grandmother used to say: Money follows money. That unsurprising conclusion is just one finding from the latest statistical ball-gazing carried out by the property industry.
But the Halifax Review is causing a flutter because of some of the unusual areas that have been highlighted and the size of some of the rises and falls (always good for headlines).
Here’s just a taster of a few key points:
- Some homeowners saw the value of their property rise by 236% in the ten years from 1998 to 2008 (but drop 20% in the last three years).
- The top performing area was East London; the second best was Inverness & Nairn and Moray, Badenoch & Strathspey.
- Other top performing areas were Belfast, North Lanarkshire and Cambridgeshire.
- The areas with lowest growth rates in terms of economic activity were Thurrock, Coventry and Stoke-on-Trent. But even these recorded increases in average house prices of nearly 200% from 1998 to 2008.
Interpretation of such statistics will be open to much debate but the Halifax Review does seem to confirm that growing north-south divide – or to be more accurate, a growning northwest-southeast divide. It points out that eight out of ten areas with the lowest levels of economic activity are in Wales and the North West. The highest was central London (West) but followed by Edinburgh.
If any general conclusion can be drawn out of the Review for home-buyers, it’s that buying property in long-term economically successful areas will be the best investment. But how you decide which areas will be best for growth over the next ten years is what marks out the geniuses or psychics from the also-rans.
On current form you’ll be looking to buy in Inner London (East), or the Inverness area in Scotland. Belfast would also seem to represent a good investment. Inner London East takes in Hackney, Haringey, Islington, Lambeth, Newham, Southwark, Lewisham and Tower Hamlets
On a more practical level, many people have to move house to find work in those economically-active areas. My links below will hopefully help those facing a long-distance move.
- Independent online property search
- Independent House & Home section
- Halifax Review
- Office of National Statistics
- Property Wizza – postcode gadget
- Transport Direct: Plan your commute
- National Association of Estate Agents
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