Woking Highest Increase In Prices 2011

Woking has recorded the largest rise in home prices among major UK towns and cities over the past year according to research by Halifax.

Primarily based on Halifax’s own house price info the average selling price in Woking was 16% higher than in the previous year increasing from £257,590 in 2010 to £299,654 in 2011. Woking of course is a large commuter town within easy reach of central London by rail.

Falkirk in Scotland experienced the second largest rise in house prices with a 12 per cent gain. Like Woking, Falkirk is inside straightforward commuting distance of major commercial centers of Edinburgh and Glasgow. The town also has comparatively low average property prices making it more reasonable than lots of other areas close to Scotland’s 2 largest cities.

Towns in London and the South East accounted for 9 of the 20 cities recording the biggest price increases in 2011.

28% of the towns surveyed saw some increase in prices over the year. Kettering in Northamptonshire and Dunfermline in Scotland experienced the largest falls in average selling costs in 2011 both recording declines of 15 per cent. 9 of the10 towns that saw the biggest declines in property values are outside southern England reflecting the generally weaker performance of the housing market outside of the south.

Martin Ellis housing economist at Halifax commented “Whilst house prices nationally have been largely unchanged in recent months, there have been significant differences in performance in towns across the country. The two towns recording the biggest rises are both within easy commuting distance of major commercial centres.

In contrast, the majority of towns that have fared worst in house price terms are outside southern England where economic conditions have tended to be less favourable.

“Uncertainty around the economy is unusually high as we go into the New Year. This makes it especially difficult to predict the course of house prices over the next 12 months. Overall, we expect broad stability in house prices nationally during 2012. Nonetheless, we expect some variation in house price movements across the country. Prices are likely to be strongest in London and the South East as these regions perform better economically. House prices outside southern England are expected to be constrained by these areas’ generally weaker economic performance and their greater dependence on public sector employment..