Newham is the UK’s top house price performer for 2015
Newham has taken the accolade for the UK's top house price performer in 2015, according to new research by Halifax.
The borough recorded the biggest percentage rise in house prices among all major UK towns and cities over 2015, with the average house price in the borough rising 22 per cent against the previous year.
The average house price in Newham increased from £261,399 to £319,522, nearly double the 12 per cent increase in London as a whole, based on Halifax's house price data.
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Housing economist at Halifax Martin Ellis said: "Those areas that have seen the biggest house price increases over the past year are either in outer London or within close commuting distance of the capital. Demand in these areas has risen as rapid house price rises in central London in the past few years have caused increasing numbers of people to look for property in more affordable areas."
However, he added that some towns have experienced modest price falls. These areas are "typically still suffering from relatively weak employment and economic conditions, which has dampened local housing demand," Ellis said.
Indeed, the ten worst performing towns are outside London and the South East with the exception of the country’s most expensive area, Kensington and Chelsea, where prices have risen by just one per cent in the last year.
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All ten top performers are in London and the South East, with Royston in Hertfordshire experiencing the second biggest rise in average house prices with an increase of 19 per cent.
|Town/Area||Region||Average House Price 2014||Average House Price 2015||Percentage change|
|Leigh on Sea||South East||£269,478||£314,174||16.6%|
The research comes after it was announced that the number of mortgage approvals in November was 25 per cent higher than last year, indicating a buoyant market.