Property prices in varsity towns increase above national average: Halifax study |
|
|
|
Published
:
Sat, 20 Aug 2005 17:05
|
LONDON: House prices in university towns in the U.K. have gone up by 88 per cent in the past five years and in some place these have more than doubled.
Mortgage-lender Halifax in a researched study found that the average cost of a home in the towns and cities, where the country's 20 best universities are located, had outperformed the national average of 83 per cent.
Manchester leads the localities with the cost of property going by a phenomenal 114 per cent to an average house price of 136,603 pounds. Bath is second with 113 per cent increase and an average price of 253,208 pounds. York witnessed an increase of 109 per cent, while the prices have doubled in Birmingham, Sheffield, Nottingham and Durham, said Halifax.
Price increases in as many as 14 of the 20 university towns were higher than the national average. The towns where the increase did not match the national average were Oxford, Cambridge, London, Warwick, Guildford and Reading, with London at the lowest, 55 per cent. However, it has reasons to rejoice -- it remains the most expensive place to buy property at average house price of 304,703 pounds.
Halifax's study of towns outside of the top 20 universities showed that in these places the average increase has been 100 per cent. Plymouth heads the list with a growth of 131 per cent and Newcastle upon Tyne coming in second place with 125 per cent.
Halifax's managing director Colin Kemp said parents, who had the wisdom of investing in property in university towns, where their children were studying, had reaped excellent returns.
Halifax also found that northern cities tended to outperform southern ones.
|
|
|
|
|
|
Print this Story
